Wills and Probate Interview & Advising

Question 1

Client/Deceased’s details?

Answer 1

WIDOW CC

W-Who is the client?
Identification- ML Checks
Deceased’s Name?
Occupation?
When did s/he die?

Certificate of Death?
Contact Details?

Question 2

Assets/Liabilities/Gifts?

Answer 2

ABDEFG
Assets/belongings
Beneficiaries
Creditors
Debts
Existing Will?
Family or Dependants
Gifts in Will

Question 3

Validity/Entitlement Issues

Answer 3

Marriage/CP after Will
Availability of gifts? Any lost?
Divorce/CP ends after Will?
Matrimonial home (if intestacy)
Any potential claims?
Disclaimers/variations?
Witnesses? Any beneficiaries
Intestacy? Whole or Partial?
L Can all be located? Any missing?
L Are all living? Any predeceased?

Question 4

IHT related matters

Answer 4

BLUSH
Business Assets?
Lifetime gifts (7 years)
Unused NRBs (predeceased spouse/CP)
Spouse/CP gifts?
Home left to descendants?

Question 5

What’s next?

Answer 5

Triple C
Confirm Instruction
Conflict Check
Client Care Letter
Advice- send detailed advice
Grant application
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IHT Calculate Tax due
Notify Death Assets/liabilities holders

Question 6

Step by Step Order for IHT?

Answer 6

GREAT DEATH TAX

G-Gifts made within 7 years of death
R-Reliefs (e.g. annual exemptions, taper relief if applicable)
E-Exemptions (e.g. spouse, charity- often not taxed)
A-Apply Nil Rate- Band to gifts (in date order)
T-Tax gifts (if above NRB)

D-Death estate- calculate value at death
E-Exemptions again (e.g. RNRB, spouse relief on estate)
A-Apply remaining NRB (if any)
T-Tax estate at 40% (after bands)
H-Have total tax from gifts + estate
T-Total IHT payable

Question 7

Which portion of the JT home is taxed?

Answer 7

Only their portion e.g. If the house is worth 600k jointly owned with spouse, only 300k goes into deceased’s estate for IHT