Wills, Probate, & Inheritance Tax For Dummies, 2nd Edition
Wills, Probate, & Inheritance Tax For Dummies, 2nd Edition
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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
10 9 8 7 6 5 4 3 2
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:
Italic is used for emphasis and to highlight new words or terms that are defined.