Bare trusts, inheritance tax and probate

Nadia Cowdrey, partner at DMH Stallard, considers the pros and cons of putting assets in bare trusts to circumnavigate probate and pay inheritance tax on time

Most people have heard of probate, something executors need after you die, and that you should have a Will specifying how your executors must distribute your assets. Less known is that not all assets are governed by a Will, and for some that are, there may be other ways of dealing with them in advance that could avoid the time and expense of obtaining probate after your death.

With the closure of local Probate Registry offices, going digital for most applications and lockdown, it was the perfect storm for transforming what was an efficient local service into one with considerable delay, sometimes four to six months from the point of application.

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