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Private%20Client Articles
Selecting an Executor in your Will
An Executor is a person you appoint in your Will who is tasked with the responsibility of administrating your estate. It is by no means an easy role and imposes a personal liability on the Executor should they fail to carry out the role correctly. Given that even the most straightforward estates can become […]Read More >
New Year’s Resolutions
As we come to the end of 2023, many take the opportunity to reflect on the past year and look at setting resolutions for the new year. A brief history lesson Setting resolutions in a new year dates back to Babylonian times (around 4000 years ago) where promises would be made to repay debts. Years […]Read More >
The importance of updating your Will
Your Will is one of the most important legal documents that you will create during your lifetime. However, it is a common oversight to not review and update your Will consistently, whether this be by an entirely new Will or a Codicil. It is important that you update your Will as certain changes occur in […]Read More >
I have been notified that I am an Executor under the Will of a relative or friend, who has recently passed away. What do I do?
An Executor is a person named in the Will of the deceased who is responsible for carrying out the deceased’s instructions, administering the estate properly and ultimately ensuring that the estate is divided in accordance with the Will’s provisions. Being an Executor is an onerous task in light of the duties and responsibilities afforded to […]Read More >
A Tale of Two Deeds of Variations – Part 2
Last time in my previous article, I demonstrated how a variation could be used, whether in an intestacy situation, or, with a pre-existing will, to ensure that the person inheriting had use of the assets for the remainder of their lifetime, but without the inheritance tax implications on their death of those being in their […]Read More >
A Tale of Two Deeds of Variations
Suffering the death of a family member or any other loved one is a difficult time which can be made even worse if there is no Will or ‘an inappropriate Will’ which does not fit changed circumstance. I use the term ‘an Inappropriate Will’ as an umbrella term to cover circumstances were the Will has […]Read More >
When might a trust be useful?
HMRC reported a staggering 198,000 trusts have been registered with their Trust Registration Service as at 31 March 2022. This figure does not take into account trusts yet to be registered or which do not need to be due to HMRC’s requirements. Trusts are given a bad name because of their often-complex nature and the […]Read More >
Changes to intestacy rules
On Fifth of July 2023, the Administration of Estates Act 1925 (fixed net sum) Order 2023 became law and is applicable. Previously, if a person passed away without a Will in place or valid Will in place leaving a spouse or civil partner together with children who survived them, then that widowed spouse or civil […]Read More >
What can possibly go wrong with a standard life insurance policy, and what can be done about it?
Perhaps the first generation of people who engaged with financial advisors, ‘en masse’, are now starting to reach the end of their lives, and either pass away or lose mental capacity. Frequently, whole of life insurance policies, often put into trust many decades ago are coming back into view as a result of those changes. […]Read More >
The Probate Procedure Explained…
Have you been named as executor in a Will and you’re not sure where to begin? Or would you just like some clarity on the probate procedure? Our Lucy Head has answered some commonly asked questions below… Do I need a Grant of Probate or Letters of Administration? When someone dies with a will, a […]Read More >
Gifting out of excess income to save on Inheritance Tax – are you making the most of your financial position?
Due to the freeze on inheritance tax thresholds announced by Chancellor Jeremy Hunt announced in the Autumn Statement 2022, a record number of estates are now liable to paying tax, which is charged at the rate of 40% on the sum above any available allowances. As reported in my earlier article when the Autumn Statement […]Read More >
Cohabitation and Later Life Planning
The number of couples opting to live with one another without entering into a marriage or civil partnership is on the rise. Unfortunately, there are many couples who are unaware of their legal rights as they are under the impression, they have the fallback of being a ‘common law wife/husband’. This is a myth. Currently, […]Read More >
Digital LPAs and why, for now, we are not using them
There was a recent piece on the Radio 4 program ‘Money Box’ about the difficulties many have encountered trying to use the digital certificate given at the end of the digitally drafted ‘Lasting Powers of Attorney form creation process’, presumably for Property and Finance, with various banks and other financial institutions. It is probably fair […]Read More >
Illustration of ‘unexpected Capital Gains Tax issues’ arising…
Once, a divorced mother made a Will leaving her estate to her children. The house was her main asset. She died some years back and her Will was probated. The house was registered in the names of the adult children at the Land Registry. One of them moved in, with the other’s agreement. Years later, […]Read More >
The LPA amendment Bill – what it means for you and yours
The Bill to reform the law on making lasting powers of attorney (LPAs) in England and Wales has been published and received its second reading in parliament on 9 December 2022. LPAs are a specific type of power of attorney with a wider scope than ordinary Powers of Attorney. LPAs allow someone to appoint another […]Read More >
To gift or not to gift? The impact of the Autumn Statement on Inheritance Tax
Today’s Autumn Statement saw Chancellor of the Exchequer, Jeremy Hunt, announce what had been predicted by many – an extension to the freeze on the Inheritance Tax Nil Rate Band allowance – amongst other financial measures. The Nil Rate Band allowance has been fixed at its current level of £325,000 per individual since 2009 and […]Read More >
Life assurance policies and investments written in trust – what happens next?
Many people will only come across trusts when they are being discussed in the same breath as life insurance policies, whether those are true protection products or investments structured as a life assurance policy, in the context of the investment/life assurance being ‘written in trust’. These days it’s very simple for such financial products to […]Read More >
Making a Will where you know there’s trouble ahead
This article is not intended as information/a guide as to how to bring and/or defend an action under the Inheritance Provision for Family & Dependants Act 1975 (’IPFDA’75). What it is, however, is some thoughts on how to give instructions for the drafting of a Will by a professional, and indeed the importance of having […]Read More >
Digital assets in later life planning
Technology is increasingly playing a major role in our lives and this trend will no doubt continue. In order to keep up with technology, we must develop our knowledge and understand the impact it has on us and our families, especially post-death when we and our loved ones are most vulnerable. When undergoing the task […]Read More >
Lifetime Trusts
Are you intending to make significant financial provision for young persons to take effect now during your lifetime? If so, then trusts can be a particularly suitable vehicle for that intended gift where the person receiving the funds is too young or too immature to be able to look after and manage them. With a […]Read More >
What is probate
A quick and comprehensive overview of Probate, what it is and why you may need it. You can find more information about Probate and how a solicitor can help you here.Read More >
Wills – why do I need one
A quick and comprehensive overview of Wills, what they are and why you need one. You can find more information about Wills and how a solicitor can help you here.Read More >
Lasting power of attorney
A quick and comprehensive overview of Lasting Power of Attorney, what it is and why you need one. You can find more information about Lasting Power of Attorney and how a solicitor can help you here.Read More >
Legal advice for elderly clients
This video details 5 essential legal decisions to consider approaching later life. There are all sorts of options available to you. You can find more information about them and how a solicitor can help you here.Read More >
Introducing Amanda
Amanda is a solicitor in the Private Client Department at Buss Murton Law in Tunbridge Wells, Kent. She specialises in Wills, Probate, Lasting Powers of Attorney and other areas of Private Client Law.Read More >
Inheritance Tax proposals and the impact upon “Bank of Mum and Dad” and first time buyers
Earlier this month an All Party Parliamentary Group (APPG) encouraged the Government to consider making significant reforms to Inheritance Tax in order to reduce the burden for increasing numbers of middle class families being dragged into the Inheritance Tax paying threshold. The proposals suggested that the current 40% should be reduced to a flat rate […]Read More >
What to do when a person dies
It is not always obvious that there are procedures to follow. The first is where did the death occur? The most likely locations are at home, in a hospice, in a nursing home or in hospital. If at home and the death is sudden or unexpected, call the Police. If not unexpected or if it […]Read More >
Government scraps planned increase in probate fees
The Government has abandoned plans for a new ‘death tax’ following months of widespread public opposition. The changes which were due to take effect last April, were delayed due to Parliament’s all-consuming Brexit talks and have now been postponed indefinitely. Instead probate fees and charges in relation to the running of the family and civil […]Read More >
Falling house prices and lnheritance Tax
There can be a risk that by reason of the time delay between valuing land and buildings for the purposes of lnheritance Tax and the sale of the same, the value may fall. lnheritance Tax is paid on the date of death value and, in some cases, at least some of that is to be […]Read More >
HMRC investigates well over 20% of all taxable estates
A freedom of information request by Discretionary Fund Managers Quilters show that the Revenue opened more than 5,000 Inheritance Tax investigations in a year, a figure representing well over 20% of the 22,000 estates that are liable to lnheritance Tax in that year. Whilst it is more often than not the case that persons named […]Read More >
Inheritance tax – what the future may hold…
The shadow chancellor is considering plans to impose a new lifetime gifts tax with a threshold of just £125,000. The Labour party has confirmed it is considering plans that will increase the receipts from inheritance tax from its current £5.3bn per year to £15bn. This will include a radical shift from taxing estates to taxing […]Read More >
I have received an inheritance which I do not wish to keep. What can I do?
As strange as it may seem, there may be circumstances where you might not want assets or monies left to you in a Will. In this situation you have a right to refuse the inheritance. There are two methods to remove inheritance from your hands. They have very different implications. One method would be to […]Read More >
Mirror Wills – A Word of Caution
Mirror Wills or Joint Wills are legal documents where the contents of one Will are almost exactly replicated in the other. Read More >
Latest News on Social Care Cost Funding
The £72,500 cap on social care costs that an individual could expect to spend on his or her residential care, which was due to come into effect in 2020, has been scrapped.Read More >
Lasting Powers of Attorney: more applications but, an alert about fraud
There has been a 30% rise in the number of Lasting Power Attorney applications for registration received between April and June compared to the same period in 2016.Read More >
Electronic communication: valid reflection of intention in your Will?
Discover the interesting debate about the Law Commission’s proposal to update the law on Wills to recognise electronic communications as a valid intentionRead More >
The ‘Baby Boomer’ generation, intergenerational wealth and concerns re financial prudence.
Many of the over 55s wish to retain some control over how any money they leave to their offspring is spent. The recent growth in pensioner wealth and the obstacles to accessing the property ladder for many of the younger generations mean that a large portion of the older generation will bequeath large sums to children and grandchildren, and that the younger generation will not have had the experience of making decisions regarding such large asset values beforehand.Read More >
Brexit, Brussels IV and Holiday Homes
Prior to August 2015, there was no unified system of succession law for those who were domiciled and habitually resident in England and Wales but who owned assets, such as a holiday home, elsewhere in Europe. This caused added expense when dealing with assets in Europe, and it was difficult to predict whether the intended beneficiary would inherit in line with the Testator’s intentions. Read More >
“Offshore tax planning – HMRC replacing the carrot with a stick”
In the run up to 5 April, there is no time like the present to ‘get one’s house in order’ especially in relation to any offshore interests that you may have.Read More >
Private clients need to be aware of the new charges for probate fees
The Ministry of Justice are to dramatically reform fees for grants of probate - these will rise in May 2017 as follows:Read More >
Beware of the Perils of Precedents
A recent High Court ruling has demonstrated that the “natural and ordinary meaning” of words trump the “overall purpose” of the Will when it comes to interpretation. Read More >
Trustees’ Potential Liability for Investment Losses to Beneficiaries
There has been a recent judgement in the matter of Daniel and others and several solicitors acting as professional trustees. Read More >
Increased Stamp Duty Rates May Cause Problems for Families
Increased Stamp Duty Rates May Cause Problems for FamiliesRead More >
Inheritance Tax and the New Residence Nil Rate Band
Question: I am a widow and have been left financially comfortable on my husband’s death a few years ago.Read More >
Lifetime Planning: Nil Rate Band Discretionary Trust Wills
Should we keep the Nil Rate Band Discretionary Trust Wills that we have or should we change them to take the full effect of the new Residence based Inheritance Tax allowance?Read More >
Peace of Mind: Taking Steps to Plan for your Future
Question: I am purchasing a property with my partner, but I am putting in more of the equity. What steps can I take to safeguard my position?Read More >
The Dangers of Not Having an Appropriate Will
The recent case involving Joy Williams and her deceased partner Norman Martin’s family show how dangerous it is to jointly own property with another (such as a life partner), even if the ownership is appropriately structured as a tenancy in common, if you do not also have an appropriate Will in place.Read More >
What is a COP Deputy
“Following on from the last article, if you are a Court of Protection Deputy – what does that mean and what can you do and what can you not do…?Read More >
What is the Court of Protection?
Perhaps the first question to ask is what is a deputyRead More >
Is Your New Year’s Resolution to Put an LPA in Place?
Is your New Year's resolution to put an LPA in place?Read More >