020 7387 2032

What a person dies, all property and assets to which they own, including property held jointly, will form part of their estate for distribution. This can form a daunting task of locating and valuing assets. Depending on the type of property or asset, the rules for distribution can differ.

Generally speaking, all assets not accounted for in the Will left behind after tax liabilities and debts are settled are included in the estate for distribution, unless the Will is contested. Exceptions exist where a living trust has been established.

Debts, liabilities and expenses

The debts, liabilities and expenses that must be accounted for prior to distribution include loans, credit card bills and mortgages. Reasonable funeral expenses can also be deducted from the estate.

Real property

Any property owned outright by the deceased will form part of the estate, unless directed towards a specific named beneficiary.

Joint tenancies and tenancies in common

Where the deceased owned property as part of a joint tenancy, ownership will pass by default to the surviving joint owner. Where the interest is a tenancy in common, involving two or more persons, the deceased’s Will determines to whom the share is passed. If no Will exists, the rules of intestacy determine where the share vests.

Bank accounts

Bank accounts held jointly will pass to the surviving joint owner, regardless of what the Will says or the default rules on intestacy.

Life insurance policies

Life insurance policies with a named beneficiary will not form part of the estate.

Living trusts

Property that is placed in a living trust for beneficiaries is shielded from being included in the estate. Instead, it will vest in the named beneficiaries in the trust deed. Living trusts can be revocable or irrevocable in nature. If a testator or testatrix anticipates transferring assets from the living trust into their estate, or vice versa, it is preferable to use a revocable trust.

Contact our Wills and Probate Solicitors London

Our solicitors have extensive experience in handling matters relating to trusts, HMRC and tax implications, Power of Attorney and business advice. Our client base is not only domestic, but international, meaning we are well placed to advise on situations where a deceased either had assets overseas or their primary domicile was not in the UK.

We offer a tailored approach that explores and addresses the personal circumstances of our clients. Contact our Wills and Probate Lawyers today on 020 7387 2032 or complete our online enquiry form.

Please let us know your name.
Please let us know your email address.
Please enter a valid phone number
Invalid Input
Please let us know your message.
GDPR Agreement - I consent to the information supplied above to be stored on this website so that Lewis Nedas Law can respond to my enquiry.
Invalid Input

Top Ranked Lawyers: Legal 500 

Celebrating 40 years of practice in 2022, we are leaders in criminal defence, serious fraud, serious crime and many other areas of legal practice. We have been involved in many leading cases over the last 40+ years and are well known for our genuinely high acquittal rate and overall success rate. Please click the Legal 500 logo below for more information about our rankings.

We are happy to help

Get 24/7 Legal Advice, call

020 7387 2032

“I was put in touch with Lewis Nedas Law through a mutual friend and I was not disappointed. The team were nothing but straight forward, honest and realistic about the nature of my case and the expected outcome from the minute I got in contact and were willing to take over from the previous company at very short notice. With their unrivalled experience and expertise in their profession the outcome was even better than expected and I couldn’t recommend them enough.”

Accreditations and Awards

  • Legal 500 uk leading firm 2024
  • The Times Best Law Firms 2024
  • Legal 500 uk leading firm 2022 50x73
  • The Times Best Law Firms 2022
  • Google 5 stars