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If you are a trustee of an inherited estate, you are probably wondering how the inheritance tax works and whether you are required to pay it. This all depends on how much the total value of the estate is. You will only have to pay this tax if the total value of the estate meets or exceeds the tax threshold in place by the government. However, finding a UK inheritance tax lawyer can help you get through this process much smoother.

Begin the process by understanding what an inheritance tax is. Simply, its a a monetary value that has to be paid to the government on behalf of the estate once the owner dies. If planned ahead, this tax can be paid well in advance and before the death of the proprietor. However, the majority of estates inherited are below the tax threshold, exempting trustees from this tax.

The responsibility of paying this tax falls on different people in different situations. Traditionally, it is paid by the trustee, using money from the estate. The trustee is very much responsible for making payment on the inheritance as well as on any assets included within the estate.

In the case an individual receives a gift from the estate, this individual may be responsible for paying an inheritance tax. However, this is an unlikely scenario but it does happen occasionally. If you are not sure, you may have to seek legal counsel.

In order to find out if you are responsible for paying an inheritance tax, you have to know exactly how much the inherited estate is worth. You can do this by tallying up all of the assets within the estate. These assets typically include the house, cars, money, investments and any other personal assets in the deceased's name.

There are some cases when an estate can be passed onto a trustee with having an inheritance tax charged, regardless of the estate's value. One such case includes when the estate is passed onto a spouse of civil partner. However, there is usually one condition, that the spouse of civil partner is a resident of the UK.

Taking precautionary measures as to what happens to the estate after your passing is in your hands. You can plan ahead in order to save your loved ones the stress of dealing with such technicalities. On the other hand, if you are already dealing with such an incidence you may know just how stressful the process can be. Whether you are preparing your will, or a trustee trying to work your way through the legal matters, finding a UK inheritance tax lawyer can help.

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