FAQs

You can give away money or property and, provided that you survive seven years from making the gift, that amount will be ignored for inheritance tax purposes. If you do not survive seven years from making the gift, your estate may need to pay some inheritance tax on the gift.

Inheritance tax is a tax payable when a person has died and their wealth exceeds the inheritance tax threshold. This is currently £325,000 for unmarried people and £650,000 for married people who leave everything to the surviving spouse on the death of the first. The taxable rate is 40% over and above the inheritance tax threshold.

You can change your will as often as you like, provided that you have the mental capacity to do so.

A beneficiary is a person who receives some form of benefit in a will.

An executor is the person who is responsible for seeing that the wishes of your will are carried out. It is the executor who formally represents you when you have died and this person collects in your assets and then distributes them in accordance with the terms of the will.

A living will is a document which states what you would like to happen if you become mentally incapacitated and it appoints someone to make medical decisions for you in that instance.

A grant of probate is a court issued certificate which authenticates a person’s will after they have died and is the document which formally appoints the executor.

As soon as you are aged over 18 years old. If you only have £1 in your bank account, you can still leave this money to your chosen beneficiary.