The Residuary Beneficiary/ies of an estate are those who inherit the balance of the funds after all pecuniary legacies and debts have been paid. Residuary Beneficiaries may be specifically named in a Will or, in intestacy cases, any relatives entitled to a share of the estate would be considered residuary beneficiaries.

Alternatively, if there is a Will and a specific amount (say £10,000) has been left to an individual or organisation, they are a ‘specific gift beneficiary’.

When writing a Will, it is advisable to make provisions in case one of your beneficiaries predeceases you, this involves naming an ‘alternate beneficiary’ who inherits in the place of the first named individual.

For more advice regarding writing your Will or interpreting a Will, please contact The Probate Bureau on 0800 028 2837.

A Will cannot literally be changed after death but as long as all beneficiaries are in agreement a Deed of Variation can be drafted which allows a ‘substituted Will’ to take priority over the original Will, essentially overriding it. This allows the beneficiaries to alter the distribution of the estate, for example by changing the amounts or the beneficiaries or leaving funds into Trust.

It is important to note that a Deed of Variation must be effected within 2 years of the date of death and that all beneficiaries are required to sign it, in order for it to be valid.

A Deed of Variation can also be useful when someone dies intestate and the family are unhappy with the estate being distributed via the Rules of Intestacy.

The Probate Bureau offers a professional Executor Will service and can arrange for a Deed of Variation.  If this is something you would like to discuss further, please call Patricia directly, on 0800 028 2837 for free advice on a Deed of Variation.

Inheriting a large amount of money is normally a positive experience and many people plan and look forward to using their new-found wealth. However, for people living on state benefits without any savings of their own it can cause worry and confusion.

Some benefits, such as the State Pension and Child Benefit, are universal. This means they are paid to all qualifying individuals regardless of wealth. These benefits would not be affected should you receive a large inheritance.

However, other benefits including Tax Credits, Income Support and Housing Benefit are means-tested and therefore only paid to people on a low income with savings below a certain amount. If you are in receipt of a means-tested benefit it is possible that it will be affected once you receive your inheritance.

As a benefits recipient, it is your responsibility to declare any change in circumstances to your local Job Centre. A Job Centre advisor would then be able to confirm which benefits would be affected by your inheritance.

The Probate Bureau cannot advise you regarding your benefits, however we are able to offer financial planning advice through TPB Financial Services who can assist you in investing your funds to meet your goals. To discuss this please contact James Hurdman on 0844 257 8290.

There are numerous ways in which you may seek to avoid or reduce the amount of Inheritance Tax you would be liable to pay.

Successful ways of doing this include gifting some of your estate, setting up an appropriate Trust and taking out a policy to cover the liability.

Due to the legal and tax implications it is impossible to give out ‘one size fits all’ advice regarding this issue as each person’s individual circumstances need to be assessed first to indentify the solution most suitable for them.

Here at The Probate Bureau, with the assistance of our sister company TPB Financial Services, we are able to give personalised advice regarding estate planning, taxation, investment advice and Trustwork. If you are worried about an Inheritance Tax liability in your estate call us free on 0800 028 2837 for a complimentary assessment of your situation.

The most direct and simple way to avoid Inheritance Tax is to make gifts while you are still alive.

Each year an individual can give away £3,000 of their assets, which does not count towards your estate for Inheritance Tax.  If you fail to use your full exemption in one year you are able to carry it forward to the following year. You can only carry forward one years exemption.

Another tax exempt way is to make Gifts of up to £250 to any number of different individuals.  You may not provide both types of Gifts to the same person.

Ultimately you can appoint as many Executors as you want to, however when applying for a Grant of Probate only a maximum of four can apply and sign the forms.

If you do choose to appoint multiple Executors, it is important to consider several things.  Firstly, will your appointed Executors be able work together without conflict?  Do they have the time?  Where are they located? For example, there would be little point appointing an Executor who lives outside of the United Kingdom because they will be required to sign various withdrawal forms as well as the necessary Court papers which will delay the administration process.

You may wish to consider appointing up to four people, then only if none of them are able or willing to act in the administration of your estate, do the alternative Executors take on the responsibility.

When appointing Executors, it is imperative that you think about the amount of work the individual will be required to undertake.  In general, we have found that an Executor who is not receiving inheritance from the estate is less co-operative than one that is.  This could cause distress to your loved ones.  If this is a concern, you may wish to consider appointing professional Executors.

Patricia Steinfeld.
Probate Advisor.

The Probate Bureau offers a professional Executor service.  If this is something you would like to discuss further, please call Patricia directly, on 0800 028 2837 for free Probate Advice.