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| UPDATED: 21:30, Fri, Mar 5, 2021 Link copied Make the most of your money by signing up to our newsletter for FREE now SUBSCRIBE Invalid email When you subscribe we will use the information you provide to send you these newsletters. Sometimes they ll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time. Inheritance tax (IHT) is levied on the estate of someone who has died and is passing on their assets, so long as their estate is valued at over £325,000. Valuing and managing an estate can be complex and as such, families can hire professionals to manage the estate on their behalf through the probate system. ....
| UPDATED: 16:36, Mon, Jan 18, 2021 Link copied Make the most of your money by signing up to our newsletter for FREE now SUBSCRIBE Invalid email When you subscribe we will use the information you provide to send you these newsletters. Sometimes they ll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time. Inheritance tax is levied at 40 percent on the parts of an estate valued over £325,000. The rules on IHT can be complicated but wills can ensure the correct amounts are paid where due but evidence has emerged that many are forgetting about their virtual assets when creating a will, which stretches from digital wallets to Facebook passwords. ....
The basic allowance of £325,000 is still in place, but since 2015 the Government introduced the ‘residence nil rate band’ - more commonly known as, the ‘main residence’ band. This is an additional allowance – worth up to £175,000 from this financial year – that you receive on top of the £325,000 already granted in the ‘nil-rate band’. In laymen’s terms, this means that your direct descendants will not have to pay any inheritance tax on the first £500,000 of your estate. “Importantly, if you are a beneficiary and are working with a probate genealogist, then you must remember that the fee for a probate genealogist is always paid on the conclusion of the estate administration. Any probate genealogist requesting direct payment before this should not be trusted. ....