Most people dream of an inheritance when times get tough. The procedure to determine whether someone left you money in a will depends on whether the testator is alive or dead. The final will of a living testator is a private document; you view it only if the testator agrees. When the testator dies, the executor of his will notifies all named heirs. You can double-check for yourself by a visit to the probate clerk’s office. • Realize that the only way to determine if a living person includes you in his will is to ask. A “last will and testament” is only definitively “last” after the person’s demise; he amends or supersedes it as he pleases during his lifetime. It remains a private document, fully revocable, even if filed with the court for safekeeping, a procedure permitted in some jurisdictions. However, the will is only as secret and confidential as the testator wishes it to be. He shows it to those he pleases. Asking doesn’t cost you anything, although it may not endear you to the testator. Check Probate FilingsIf your deceased friend or relative left a valid will, it’s very likely filed with the probate court in the county in which she lived. Although a will is a private document while the person who makes it is alive, it becomes a public document when she dies and it’s filed with the court. Most wills have to go through a court-supervised process where debts and assets are gathered before inheritances are distributed. A will is among the first documents filed in the probate process. You can call or visit the court clerk’s office to see whether it’s been filed and to get the probate case number. In some states, the court clerk will copy the document and mail it to you for a fee. When There Is No WillIf your friend or relative dies without a will, she didn’t actually leave you money. You still might inherit from her, however, if you’re among her closest blood relatives. When someone dies without a will, the property passes under the state’s intestacy statutes. Each state’s laws differ, but generally the surviving spouse receives the lion’s share, followed by the decedent’s children. Parents and siblings often come next in line. To figure out whether you might get part of the estate, research the relevant state’s intestacy statute to see where you fall in line. You might not need to get probate if: Preparing for probateThe first step in applying for probate involves some ‘hunting’ and a little paperwork. Specifically, you need to find the will and make copies of certain documents. When you fill in the probate forms, you need to put in how much the estate is worth. Value jointly owned assetsBefore you can work out the value of the deceased’s share of a jointly, you’ll have to find out how it was owned. Examples of this type of assets are a car, a house or a piece of land. They might have owned this asset either as: Joint bank accountsJoint bank accounts are nearly always held as ‘joint tenants’. So, while ownership of the account usually automatically passes onto to the joint account holder, you do need to value it as part of the deceased’s estate. To value the deceased’s share of a joint bank account, you need to find out the balance in the account and divide it by the number of account holders. HMRC usually scrutinizes joint accounts held by unmarried couples or other combinations (e.g. parent and child) more closely. This because the normal exemptions from Inheritance Tax might not apply, and that the surviving joint holder could be liable for a certain amount of tax. Asset owned as ‘tenants in common’ Working out Inheritance TaxOnce you’ve got the value of the estate and how much debt the deceased had, you need to work out the Inheritance Tax due This tax is due within six months from when the person died. And interest is charged if it’s not paid within six months. So to help avoid paying this interest, consider paying some or all of the Inheritance Tax before you finish valuing the estate. If you’re paying this from your own account, you can claim it back from the estate. Applying for probate or confirmationOnce you’ve valued the estate, you’ll need to fill in a few forms and send it to the nearest Probate Registry office. You’ll also need to pay an application fee, and some or all the Inheritance Tax (if any) to HMRC. How much you need to pay and what forms you need to fill in depends on where you live. You don’t usually need to apply for probate if the estate was either: If you’re applying online, you will not need to download the forms, but you will need to send in the original will. The address to send this too varies depending on where you live and you will be given the correct address once you have completed your online application. The payment is also made once you’ve submitted your application online. You no longer need to swear an oath, but you will have to sign a statement of truth to confirm the contents of the probate application are true. This can also be done online if you’re submitting an online application. A last will and testament details how you want your estate handled after you die. If you’re writing a will, you’ll name an executor to handle your affairs after you die. The will instructs the executor on how to divide your assets among your heirs. But if you’ve been left money in a will, there are a few steps to take to get that money. • Talk to the executor: If you’re not the executor of the estate, find out who is and talk to them. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
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