I.T.G. provide clear and accurate probate valuation & IHT valuations reports of house contents (Chattels) in accordance with HM Revenue and Customs guidelines.
I.T.G. probate or confirmation valuation provides a range of services to assist in the winding up of an estate. We provide our services to private individuals, solicitors, executors & administrators across the UK. Our aim is to make probate valuation as stress free as possible.
Many of the arrangements described in this article may only be used where someone no longer has the mental capacity to make decisions for themselves. When does this happen? Older …
Many people wish to plan their funerals in advance, and to know that they have set aside the money to pay for them. Planning A letter can be left with …
This can be used by someone who is mentally capable but is unable to carry out a particular transaction – for example, the person may be physically unable to visit …
People may need, at some time during their life, to appoint someone to act for them and a Power of Attorney provides the ‘donee’ or ‘attorney’ – the person appointed …
There are many valid reasons for writing a Will. For starters, you can choose who inherits your possessions, money and other property too. If you die without a Will, the …
In many cases, having a badly prepared Will – or a Will that’s out of date is worse than not having a Will in the first place. A Will full …
The age at which a person can inherit is 18. For any underage beneficiaries, the funds have to be held in Trust until they reach that age. If for any …
Any changes that occur as a result of a Deed of Variation are treated as having been made by the deceased, not the beneficiary (the one that gave up his/her …
Saving Inheritance Tax either immediately or upon the beneficiary’s death. For those who inherit and are already wealthy, the gift could mean a second lot of Inheritance Tax payable upon death. Therefore many would prefer to pass on the gift to someone who is in need of it and does not already have an IHT to pay. If the beneficiary inherits and then transfers the gift to someone else without a Deed of Variation, then there will be further IHT to pay if they die within 7 years.
In simple terms, Inheritance Tax or IHT is a tax that applies to transfers of value. This means that technically, IHT applies to everybody and all gifts or transfers of assets that are carried out. Upon death, your estate is gauged for Inheritance Tax. IHT has to be paid off before the estate is distributed to the beneficiaries. If the tax is not settled, then the entire estate is frozen until the money is raised to pay off the tax bill.