Inheritance tax (IHT) is a tax on the estate (the property, money and possessions) of someone who’s died and recently the government has proposed some fundamental changes as to what’s included within an estate. IHT is charged at 40% and the estate threshold, for paying IHT, currently stands at £325,00 and the government has recently...
In his November statement, Jeremy Hunt has frozen the current NRB at £325,000 and RNRB at £175,000. The budget states that “qualifying estates can continue to pass on up to £500,000 and the estate of a surviving spouse or civil partner can pass on up to £1 million without an inheritance tax liability”. While this...
The number of cohabiting family households has doubled in the last 25 years. However, despite this number, there is still no legislation, in England and Wales, to adequately protect cohabiting couples on death. Unmarried couples do not have the same rights as married couples – especially when it comes to death and inheritance, no matter...
They say that selling a property is one of the most stressful things you can do. It therefore goes without saying that when you are required to sell a property following a death, the bereavement, additional paperwork and official protocol makes the whole process all the more stressful for you, and your family. So, what’s...
Buyer Beware. A regulated company or a member of the legal profession are NO Guarantee for a job well done when it comes to obtaining a Will. As with any important purchase, when looking for a new Will writer and provider, it pays to do your online research and this research should extend beyond checking...
Unfortunately, there isn’t a database that contains all of the personal details relating to an individual, therefore, finding someone can often take a little work It is often best to begin with local searches, but if unsuccessful, you may need to consider making international checks. Where you start depends on the information you have regarding...
People are often prompted to consider or make LPA’s (Lasting Powers of Attorney) following a ‘trigger event’ like an accident or a major health diagnosis. However, this is not always the best time. A lasting power of attorney is a legal document that lets you (the donor) appoint one or more people (known as attorneys)...
The old idea of a family structure being a married couple with 2.4 biological children is fast becoming a thing of the past. The blended family model with parents remarrying and with children from previous relationships is very much the ‘new normal.’ This makes the need for meticulous detail in estate planning and Will writing...
Sideways Disinheritance is a term that relates to children losing out on their share of their parent’s estate because of a parent’s new partner. In most cases, if you are the first to die your share of the property and other assets is left to your partner. If your partner eventually meets a new partner...
Her Majesty the Queen celebrated her 96th Birthday this year (2022) and it’s interesting to consider that in 1926, the year of her birth, the average life expectancy for a women was just 62. Time has certainly moved on and so too has life expectancy. The International Longevity Centre estimates that 0.15% of the UK...
