Malcolm Finney outlines the concept and implications of probate trusts.
Seeking to mitigate the amount of inheritance tax (IHT) arising on a person’s death is an objective most people pursue, not surprisingly. Often, however, little thought is given to issues associated with the obtaining of probate.
Obtaining probate
Probate is simply the process by which executors of a will obtain the court’s permission to take title to the deceased’s assets comprised in the deceased’s estate in order to discharge the deceased’s liabilities (including discharging any IHT liability) and distribute what’s left to the various beneficiaries under the will. The two main issues associated with obtaining probate are the cost and time taken.
The process of obtaining probate can be both an expensive business but, perhaps more importantly, can
