Wills and probate
It is sensible to make a will, to ensure that your wishes are carried out exactly as you desire. If you don’t make a will, the state may decide how your belongings are distributed after your death. This could mean that your partner receives less money than they should, or that money goes to family members who don’t need it rather than to those who do.
Making a will can also help ensure you don’t pay more inheritance tax than necessary. Inheritance tax is currently levied at 40 per cent of the value of an entire estate above the nil rate band (currently £325,000). Tax planning is a complex issue, and it’s a good idea to talk to a lawyer or tax adviser about this.
An executor is the person named by the maker of a will to carry out its directions. An executor’s duties include disbursing property to the beneficiaries named in the will, obtaining information about any other heirs, arranging to pay the debts of the estate and so on.
The executor usually also offers the will for probate: this is the legal process of administering the estate of a deceased person.
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