Roadmap to handle your UK legacy

When someone dies there should be many. In the following steps you will find a list of the most important issues. We hope to help you to get things in order.

Step 1: the heirs and the will

To be able to act to the legacy, you first need to know who are the heirs.Because the heirs are responsible for the settlement of the inheritance. In a will be designated heirs. If there is no will then designate the law the heirs.

How do you know if there is a will? Anyone who’s ever made a will in the central register of wills registered in London. At the central register of wills in writing you can inquire at what notary the will was made. You’d have to send the death certificate. If you know at what notary the will was, you should get a copy of the will with him. If the deceased has a will, you need to divide the legacy as the deceased in his will.

Step 2: accept Legacy?

As heir to you need to decide if you want to accept the inheritance,beneficially accept or reject. This is an important step in the settlement of a legacy. Nowadays there are in many cases debt. In Netherlands you have three months in which to make a choice. This is called the law of reflection . Once you have chosen your legacy by all heirs is accepted, this means that both the property if the debt responsibility are of the heirs. If the inheritance is accepted, you accept the legacy also beneficially with assets and debts.However, a creditor may not on the debts the heirs stories if it is higher than the total inheritance. Finally, you can also reject the legacy. For the accept and reject beneficially you should make a statement at a District Court in Netherlands.

Step 3: The power of Attorney/executor

The heirs are jointly responsible for the settlement of the inheritance. They must therefore also all together. But it is not convenient to continue with all heirs to, for example, the bank, or to all important pieces to be signed by all the heirs. Therefore, it is usual that the heirs designate one heir they assign a proxy to the legacy. Also, the heirs to assign a proxy an outsider to the legacy. If the deceased had a will, he may be an executor designated. A part of settlement of the legacy by the executor must happen.

Step 4: The certificate of inheritance

When someone dies, blocks the bank his or her account. You can then get no more money from the bank account or transfer money. Many banks make the case an exception for the payment of the funeral expenses. You can unblock by a certificate of inheritance. A and/or account should not be blocked and can remain in use without certificate of inheritance. Some people even find it to be nice and/or account, because they then another band with the deceased. Would you like the and/or account anyway to change in an account on your own name, then you need a certificate of inheritance. If there is benefit agencies and (life) insurance agencies are, those must also know that someone is deceased. They often also need a certificate of inheritance, before they pay out money. Such a statement is sometimes more expensive than the amount. Often benefit agencies than settle for a death certificate.

Step 5: the subscriptions

All current subscriptions of the deceased should be terminated. If the deceased has paid the subscription fee already ahead, you can recover these costs.

Step 6: The contents

The heirs must distribute the contents, or – if they want – sell. Sometimes causing. some stuff for the heirs an emotional value. Also find heirs often that they should get back what they have done to the deceased ever gift.

In order to come to a good distribution, it is important to make proper arrangements in advance where everyone supports. For example, you can list all where you put what you’d like to have. You put the stuff you like on top, and the rest at the bottom. If several people want the same thing, you can see who that highest on the list. To get to than not out yet, then you can for example lottery tickets.

Contents property do not all have the same value. Therefore it is useful to all the stuff a value. The value of the stuff you get can you deduct on your inheritance. So do you stop the a all the expensive stuff, and the other thereby ultimately less from the legacy.

Step 7: the House

The rent of a House for rent should be terminated. You need the House to its original state again back to the landlord. If there is a House for sale, there are two possibilities. 1: one of the heirs are going to live there. He or she must then buy out the other heirs. 2: none of the heirs are going to live there. Then the House for sale.

Step 8: taxes

The Tax Office sends after the death as soon as possible for the income tax (F-note) to the heirs. For the current year up to the time of death on the income of the deceased with the tax authorities. The paid income tax you can deduct in the Declaration for the tax. On the amount which the heirs should get tax be paid. This tax is called inheritance tax. A declaration form is referred to by the tax office about four months after the death to the heirs and must be within eight months after the death are completed and submitted. You can here be reprieve for requests.

Step 9: the money

At the end of the ride, as all accounts of the deceased have been paid, the taxes are handled, the goods of the deceased are divided and only a particular credit to the bank account of the deceased, you can a distribution for the heirs. The heir to that legacy has handled (see step 2 power of Attorney) makes a statement which States how much each heir gets. In this overview you should consider acquisitions (for example, the value of the contents obtained goods) that the heirs have already received. If all the heirs agree to the distribution, the shares are paid out overview and you can the bank account of the deceased.

Tip

All in all there is quite a bit at you if you have to deal with the settlement of a legacy. It is also all pretty complex. You become here unsure of, then it is good to here help with. A notary can explain everything clearly, calculate and. We bring you like with a specialist in this field in contact.