Coronation Street actress Betty Driver ‘leaves almost £1 million in will’
Betty Driver who played Betty Williams in Coronation Street died on 15th October 2011 and in the press this week it was announced that her net estate was worth £938,198.
What exactly is a net estate? A net estate is the money that is left in your estate after all of your debts, funeral expenses and taxes have been paid. Betty’s net estate is above the inheritance tax limit, currently £325,000 and so Betty’s executors will have paid inheritance tax at 40% on all of her assets above this limit.
There are a number of ways to reduce inheritance tax and this can be done through careful estate planning. If you have assets that you are confident you will no longer need then it is possible to give assets away during your lifetime so as to reduce your inheritance tax bill. There are consequences in doing this so please ensure that you speak to a member of our Wills, Trusts and Probate team before making any decisions.
Betty also left her estate to close friends. If Betty had not left a Will then the Intestacy Rules will have applied to her estate which means her chosen beneficiaries, her friends, would not have benefited. It is extremely important that you prepare a Will so that you decide what happens to your estate after you have died.
We are qualified specialists in estate planning and we are here to help you discuss your estate and help you plan for the future. Please feel free to contact a member of the Wills, Trusts and Probate team on 0845 0738 445 or email email@example.com
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