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Knight - Wills, Probate, & amp; Inheritance Tax For Dummies

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Wills, Probate, & amp; Inheritance Tax For Dummies: summary, description and annotation

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Planning how to pass your estate on doesnt have to mean complications, legal jargon and huge bills. Wills, Probate and Inheritance Tax For Dummies, 2nd Edition takes you through the process step-by-step and gives you all the information you need to ensure that your affairs are left in good order. It shows you how to plan and write your will, minimise the stress of probate, and ensure that your nearest and dearest are protected from a large inheritance tax bill. Discover how to: Decide if a will is right for youValue your assetsLeave your home through a willAppoint executors and trusteesChoose.;Wills, Probate & amp; Inheritance Tax For Dummies, 2nd Edition; About the Author; Dedication; Authors Acknowledgements; Contents at a Glance; Table of Contents; Introduction; About This Book; Conventions Used in This Book; What Youre Not to Read; Foolish Assumptions; How This Book Is Organised; Icons Used In This Book; Where to Go From Here; Part I: Planning Your Will; Chapter 1: Preparing for the Inevitable; Recognising the Advantages of Putting Your Estate in Order; Plotting Your Estate Strategy; Gearing Up for the Probate Challenge; Launching Your Strategy: The Checklist.

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Wills Probate Inheritance Tax For Dummies 2nd Edition Wills Probate - photo 1
Wills, Probate, & Inheritance Tax For Dummies, 2nd Edition
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Wills, Probate, & Inheritance Tax For Dummies, 2nd Edition

Published by John Wiley & Sons, Ltd The Atrium Southern Gate Chichester West Sussex PO19 8SQ England

E-mail (for orders and customer service enquires): cs-books@wiley.co.uk

Visit our Home Page on www.wileyeurope.com

Copyright 2008 John Wiley & Sons, Ltd, Chichester, West Sussex, England

Published by John Wiley & Sons, Ltd, Chichester, West Sussex

All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except under the terms of the Copyright, Designs and Patents Act 1988 or under the terms of a licence issued by the Copyright Licensing Agency Ltd, 90 Tottenham Court Road, London, W1T 4LP, UK, without the permission in writing of the Publisher. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Ltd, The Atrium, Southern Gate, Chichester, West Sussex, PO19 8SQ, England, or emailed to permreq@wiley.co.uk, or faxed to (44) 1243 770620.

Trademarks: Wiley, the Wiley Publishing logo, For Dummies, the Dummies Man logo, A Reference for the Rest of Us!, The Dummies Way, Dummies Daily, The Fun and Easy Way, Dummies.com and related trade dress are trademarks or registered trademarks of John Wiley & Sons, Inc. and/or its affiliates in the United States and other countries, and may not be used without written permission. All other trademarks are the property of their respective owners. Wiley Publishing, Inc., is not associated with any product or vendor mentioned in this book.

LIMIT OF LIABILITY/DISCLAIMER OF WARRANTY: The publisher, the author, AND ANYONE ELSE INVOLVED IN PREPARING THIS WORK make no representations or warranties with respect to the accuracy or completeness of the contents of this work and specifically disclaim all warranties, including without limitation warranties of fitness for a particular purpose. No warranty may be created or extended by sales or promotional materials. The advice and strategies contained herein may not be suitable for every situation. This work is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional services. If professional assistance is required, the services of a competent professional person should be sought. Neither the publisher nor the author shall be liable for damages arising herefrom. The fact that an organization or Website is referred to in this work as a citation and/or a potential source of further information does not mean that the author or the publisher endorses the information the organization or Website may provide or recommendations it may make. Further, readers should be aware that Internet Websites listed in this work may have changed or disappeared between when this work was written and when it is read.

Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books.

British Library Cataloguing in Publication Data: A catalogue record for this book is available from the British Library.

ISBN: 978-0-470-75629-4

Printed and bound in Great Britain by Bell and Bain, Glasgow

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Picture 3
About the Author

Julian Knight was born in 1972 in Chester. He was educated at Chester Catholic High School and later Hull University, where he obtained a degree in history.

He is currently the Personal Finance Editor for the Independent on Sunday. He was the BBC News Personal Finance and Consumer Affairs Reporter for five years and wrote for the BBC News Web site. Before joining the BBC, Julian worked at Moneywise magazine and contributed to the Guardian as well as many other publications.

Julian Knight is the author of Retiring Wealthy For Dummies, The British Citizenship Test For Dummies, and Cricket For Dummies.

Dedication

To Val, my mother, for her love, support, and working so hard to give me the best.

And to Charlotte de Veras (1973-1999) for always being right.

Authors Acknowledgements

Great thanks to Francis Klonowski, one of the UKs leading financial planners, for all his help and advice on the inheritance tax passages of this book.

Publishers Acknowledgements

Were proud of this book; please send us your comments through our Dummies online registration form located at www.dummies.com/register/.

Some of the people who helped bring this book to market include the following:

Acquisitions, Editorial, and Media Development

Project Editor: Rachael Chilvers

Commissioning Editor: Samantha Spickernell

Proofreader: Christine Lea

Publisher: Jason Dunne

Executive Project Editor: Daniel Mersey

Cover Photo: Blend Images / Alamy

Cartoons: Ed McLachlan

Composition Services

Project Coordinator: Erin Smith

Layout and Graphics: Claudia Bell, Reuben W. Davis, Alissa D. Ellet, Melissa K. Jester, Stephanie D. Jumper, Christine Williams

Proofreader: David Faust

Indexer: Christine Karpeles

Introduction

W e probably all know a story about wills and inheritance. From the recluse down the road who left millions so that Tiddles could enjoy the best cat food money can buy, to the 20-something glamour model who inherited a fortune when her octogenarian husband died of a heart attack but with a big smile on his face.

However, two-thirds of people havent made a will yet and half of us never will. These people are missing out on a golden opportunity to look after their families and frustrate the tax-collector.

Youve bought this book (and if you havent, better hurry along to the checkout) and that means youre already thinking about putting a framework in place for your familys future for a time when youre no longer around.

About This Book

For Dummies books are all about giving you useful advice and information, in a light, easy-to-access format, and this book is no different. I go through the benefits of making a will, how to write your own will or get the help of a solicitor, and what tax-saving steps you can take to stop Her Majestys Revenue & Customs (the snazzy new name for the Inland Revenue) indulging in a post-death tax grab. I include hints and tips on reducing your liability for inheritance tax, how to use trusts to help your family, and what to do if you want to pass on your family business. Just as importantly, this book helps you maintain your sense of humour as you jump those inheritance-planning hurdles before you.

Conventions Used in This Book

To help you navigate through this book, Ive set up a few conventions:

Picture 4Italic is used for emphasis and to highlight new words or terms that are defined.

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