Found: Leica Collection

MattKing said:

Depends on where you are. In my jurisdiction there is a tax due on everything, but it is only 1.4%, so for camera equipment it probably is relatively unimportant.

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In the UK tax is only payable if the estate value exceeds a threshold of £325,000 and a 40% tax is then paid only on the value above that amount. According to Wikipedia 94% of estates escape from paying inheritance tax.

Here it isn't really the sort of thing we get lawyers involved in. We usually have one or two executors of the will who are normally family members. Once they have been granted probate they will deal with the sharing out of the estate in accordance with the will (if there is one). Some people do this via a lawyer but many do not as it isn't really necessary.

MattKing said:

From earlier comments, it appears that the "Steves" here don't really appreciate us estate lawyers. I feel so hurt

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I'm certainly not 'anti lawyer'. In fact, I wish I had studied law myself as it is a subject which interests me quite a lot - especially contract law. Unfortunately I gained this interest a bit too late in life to go on and study it.

I suppose some of my apparent 'don't get a lawyer involved' attitude comes from the number of posts I see (usually on PhotoNet) about copyright infringement where the stock answer seems to be "you need to contact a lawyer" but usually in these cases any lawyer's fees would far exceed any gains to be made from pursuing the matter in this way. Copyright law isn't that complex and anyone with a bit of common sense should be able to work out the facts and a suitable method to prove ownership.

Sometimes when viewing the US from over here it seems that Americans consult either their lawyers or their psychiatrists before they do anything!


Steve.

schottmark said:

What would you do?

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Since I'm an avid Leica user as well as a sentimental fool, I would have it serviced and promptly use it all.

MattKing said:

From earlier comments, it appears that the "Steves" here don't really appreciate us estate lawyers. I feel so hurt .

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No need to feel bad - in my book the legal profession is right up there alongside estate agents, bank managers and dentists!

Steve R

You do understand I hope that the "I feel so hurt" comment was said with tongue fully in cheek.

I should mention that I am on hiatus from active practice, so it would be more accurate to describe myself as a former estate law lawyer, but I still am fairly fresh.

If you delve into the rules about this estate law stuff, most likely you will find that it is actually very old, and can be unbelievably complex in areas that you wouldn't expect. It also varies a lot depending on which jurisdiction's laws apply. In Canada, where I am, there is a wonderful and weird conglomeration of old English law, modern Canadian law and (to a small extent) law borrowed from other places around the world (our land registry system, for instance, was borrowed from New Zealand and a system respecting ships). Each of our ten provinces and three territories has different laws - twelve of them are quite similar, while the 13th is Quebec, which is rooted in an import from France.

As I said, informed local professional advice is a very good idea.

EDIT: One other point - if you are in a jurisdiction like mine, you need to obtain valuation information before you apply for Letters Probate, because the application materials require an extensive inventory of what is known to be in the estate, along with accompanying values. In other jurisdictions, as I understand it, the procedure is considerably different. So depending where the OP is, the need for valuation may come earlier, or later.

Steve Roberts said:

No need to feel bad - in my book the legal profession is right up there alongside estate agents, bank managers and dentists!

Steve R

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I wonder if your profession is a teacher? Just curious.

railwayman3 said:

I wonder if your profession is a teacher? Just curious.

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You're not too far wide of the mark. I'm a university employee, but not on the teaching/lecturing staff. Most of my career has been in communication engineering, specifically satellite broadcasting and TV, but for the four years since that came to an end I've been sidelined (not by choice) into a form of IT, as it was too expensive for the organisation to get rid of me and there was too much riding on the pension for me to want to go!
Steve

MattKing said:

You do understand I hope that the "I feel so hurt" comment was said with tongue fully in cheek.

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I understand that. The (non) smiley face was a clue!

The times I have used a solicitor I have been more than happy to pay for their services. However, this has only been a few times buying and selling houses.

The thing which annoys me every time I move house is the fact that I pay the estate agent twice as much as I pay the solicitor.

Estate agents handle house sales on a percentage basis whereas I think it should be a flat fee as the (little) amount of work they do is the same regardless of house value.

There. I've upset all the estate agents now!


Steve.