Probate Case Study - £18,000 Inheritance Tax Saved

03 August 2015

Client Situation

When we initially looked at this Probate case, from the list of assets and liabilities, it looked like Inheritance Tax (IHT) would be payable on the Estate, as the value was above the double nil-rate band.

However, after reviewing the complete file we discovered that there was an investment bond (insurance policy) which was held in a loan trust. This meant that the full value of the bond was not the value for IHT purposes, it was in fact £68,500 less, which meant that the Estate then fell beneath the double nil-rate band threshold.

So no Inheritance Tax was payable, saving our client over £18,000.

With our Probate Complete Service we take full responsibility for obtaining Grant of Probate and dealing with the Legal, Tax (not VAT), Property and Estate Administration affairs*.

*We can also pay all the costs of a Co-op Funeralcare funeral, providing the Estate owns sufficient assets which can be sold in due course to repay our costs.

Co-op Legal Services is the largest provider of Probate services in England and Wales.

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Probate Estate Administration in England and Wales is not a reserved legal activity which means that unregulated providers can offer Probate Estate Administration services regardless of whether they are insured, experienced or qualified to provide a full Probate service.

Co-op Legal Services is a trading name for Co-operative Legal Services Limited which is authorised and regulated by the Solicitors Regulation Authority, giving you peace of mind knowing that your Probate affairs are being dealt with by a regulated organisation and by a brand name you know and can trust.

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