Search results...

Nothing left to paint, nothing left to plant – but plenty left to plan!

Often matters such as Wills and lifetime planning are pushed to one side because ‘life gets in the way’, not forgetting the fact that they can often prompt difficult and uncomfortable questions. During this unprecedented period, many people have extra time on their hands and it is a good opportunity...

Read more

Intestacy and unexpected Inheritance tax bills

Over the years many celebrities have died without making a Will including Jimi Hendrix and Prince. The comedian, Rik Mayall, sadly died in 2016 without a Will leading to his estate reportedly facing a large inheritance tax (IHT) bill. Assets left to a surviving spouse or registered civil partner are...

Read more

Intestacy rules change but co-habiting partners still lose out

In 2014 major changes were made to the intestacy rules which apply when someone dies without leaving a Will. The amendments included an increase in the statutory legacy (the fixed sum of money that passes to a surviving spouse or civil partner on their partner’s death), to £250,000 with a...

Read more

Testamentary capacity explained

One of the essential requirements for a Will to be valid is that the person making it (the testator) must have testamentary capacity. This means that the testator must have sufficient mental capacity to make a Will. If a Will is rational on its face, and correctly signed in front...

Read more

Business Property Relief and Inheritance Tax

Business property relief explained If you own business assets, business property relief (BPR) is a very valuable relief from inheritance tax (IHT) which can reduce the taxable value of those assets to nil. We look at the fundamentals of BPR and how it might benefit your estate. How BPR works...

Read more

Making gifts under Power of Attorney: a guide for Attorneys and Deputies

Who are Attorneys and Deputies? An Attorney is an individual who has been chosen to act under a Lasting Power of Attorney or Enduring Power of Attorney to manage the financial affairs of a mentally incapable person. A Deputy is an individual appointed by the Court of Protection to manage...

Read more

Incapacity and inheritance tax: make a plan for later life

Many of us can now expect to live until the age of eighty (although females still outstrip males in this respect) but dementia is now a leading cause of death. Meanwhile inheritance tax (IHT) receipts continue to grow (a 3% increase in 2018/19 to £5.4 billion.) What do these statistics...

Read more

Siblings and Inheritance tax planning

The vexed question of the position of siblings under UK Inheritance tax (IHT) law has again come to the fore with the introduction by Lord Lexden, a Conservative peer in the House of Lords of a private members’ bill. If it becomes law the bill would mean that siblings who...

Read more

Executors: beware of DWP claims against an estate

When DWP recover overpayments after death We have written previously in our Family Wealth blog about the necessity for executors of an estate to protect themselves from personal liability for estate debts. Being an executor of an estate is a demanding task and there are many pitfalls for the unwary...

Read more

Executors: why you should advertise for creditors

Being the executor of a Will can be a difficult task, and not just because of warring beneficiaries; basic tasks, such as identifying all the assets in an estate and paying any outstanding debts, can also occasionally prove troublesome. After all, you need to know that an asset exists or...

Read more