What happens if an estate has jointly owned assets?
If an estate has jointly owned assets, they will be managed based on their ownership structure. Some assets transfer to a surviving owner.
Posts by Steve Gauke
Do you have to pay council tax on an empty property during probate?
You don’t have to pay council tax on an empty property until after probate has been granted if the property is unoccupied.
Do grandchildren pay Inheritance Tax?
Grandchildren don’t pay Inheritance Tax personally, it is paid by the estate before assets are distributed.
What happens if there is no will when a person dies?
If there is no will when a person dies they are said to have died intestate. Their estate will be distributed according to intestacy rules.
Can I sell an inherited house before probate?
You can’t sell an inherited house before probate as executors need to be given the legal authority to deal with a deceased person’s estate.
What does a probate lawyer do and do you need one?
A probate lawyer, or probate solicitor, manages the legal and financial administration of a deceased person’s estate.
Can an executor take out a loan on behalf of the estate?
Yes, an executor can take out a loan on behalf of the estate, but only when the loan is put towards the estate’s interests, not their own.
When executors should consider estate advances
Executors should consider an Estate Advance when they need to cover estate costs like Inheritance Tax, but don't have access to any funds.
What brokers need to know before recommending an Inheritance Loan
Before recommending an Inheritance Loan, brokers need to know the net estate value, what the loan covers and which lender products to use.
Can you pay your Inheritance Tax partially?
You can pay your Inheritance Tax (IHT) bill partially or in instalments depending on what the estate contains.
