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Wills Articles
The Budget and What Next for Farming Families? – Part 2
To read part 1 of this article, press here For some farming families, the mantra of passing down assets well before death has been something that they have practised for years. That continues to be attractive – if one is faced with paying an Inheritance Tax bill of say £200,000 on the second million […]Read More >
The Budget and What Next for Farming Families? – Part 1
The thunderbolt changes to Inheritance Tax for farmers announced in the Budget go live at the end of March 2026, if of course one takes the view that the government will not choose to backtrack in light of the reaction from farmers. But the very fact that the current system is in place until then […]Read More >
Inheritance Tax and Equity Release – Part 2
In part 1, we discussed what Equity Release is and how it can be teamed with Inheritance Tax planning to reduce the Inheritance Tax payable upon death. Click here to read part 1. Equity Release and Gifting Equity Release coupled with gifting can effectively decrease the amount of Inheritance Tax payable by beneficiaries. That […]Read More >
Will Trusts – a brief guide
One thing we are asked about frequently, and one of the most complicated aspects of Wills, is trusts and how they work, how they can be utilised in your Will, and the relevant tax consequences. Trusts are frequently misunderstood by clients as they can be difficult to explain without over complicating matters causing clients to […]Read More >
October Budget: changes to pensions and the impact that has on those leaving 10% of their estate to charity
The implications of the budget will continue to be felt many months if not years into the future. The changes, as far as money purchase pensions, with value in them at the date of the pensioner’s death counting towards that individual’s Inheritance Tax estate, only comes in as of April 2027. For those who die […]Read More >
The Government’s October Budget 2024: Inheritance tax, Wills and those who need to review their Wills.
It is important to note that the changes which are discussed hereafter are ONLY applicable for those with certain types of Wills and certain types of assets, and that it is only relevant for those with such Wills and assets who die AFTER 6th April 2026. Before that time, the existing rules apply (which are not […]Read More >
What to consider from a legal perspective upon receipt of a dementia diagnosis
There are an estimated 982,000 people living with dementia in the UK, with this number anticipated to increase to over 1.4 million by 2040. One in two of us will be affected by dementia in our lifetime, either by caring for someone living with the condition, developing it ourselves, or both. Being in receipt of […]Read More >
Care Costs and paying for them – fact amongst the hyperbole
It is very easy to be led astray by headlines such as: “Hated Dementia tax is back as Labour threatens your home, savings and inheritance.” The reality is more nuanced and interesting – various governments have flirted with reform which could have lessened the impact of paying for care for much of ‘Middle England’ who […]Read More >
Assessing Mental Capacity
Almost every aspect of life requires a decision to be made, whether subconsciously, or otherwise. Whether an individual has mental capacity is a key consideration for all legal advisors. To take instructions from a client, a practitioner must be satisfied that that individual has mental capacity, i.e. that they are able to make a decision. […]Read More >
DIY Wills and why they are a false economy
“Why should I engage a lawyer to prepare a Will when I can get one from a stationer for £20, or instruct a Will Writer for half the price of a legal professional?” Here’s why… Case law has established that a Will written on a napkin, or an eggshell is valid if it meets the […]Read More >
Feeling left out? The Inheritance (Provision for Family and Dependants) Act 1975
In England and Wales, you have the freedom to leave your property to whomever you choose upon your death. But what if your loved ones feel they’ve been left high and dry? The Inheritance Act 1975 (the Act) steps in to ensure fairness, allowing certain individuals to challenge a Will that doesn’t adequately provide for […]Read More >
I have a Will, so why do I need a Lasting Power of Attorney?
It is important to consider the potential consequence of not having a Lasting Power of Attorney (LPA) in place. Many assume that their spouse or in the alternative that their adult children will automatically have the authority to make decisions on their behalf. However, this is not the case, and without an LPA, those close […]Read More >
Will Beneficiaries, Claimants and Disputes
This article is NOT intended as information/ a guide as to how to bring nor and 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 […]Read More >
Inheritance Tax Planning: Is Inheritance Tax in the near future likely to remain a threat to the goal of passing your estate on as intact as possible to your heirs?
Francis Fukuyama in his 1992 book “The end of history…” postulated that Western liberal democracy as a statement for government, underpinned by capitalism, represented the final perfection of government and social economic systems. This is the afterglow of their seeming victory, when viewed against the collapse of the alternative Soviet bloc style of government and […]Read More >
Wills and Business Property Relief – Inheritance Tax danger for owner managers of SMEs
Many owner managers of small to medium sized businesses are aware that on death, their shareholding or partnership interest or sole trader business’ value will qualify for the specialist Inheritance Tax treatment in the form of 100% Business Property relief, which reduced to zero the Inheritance Tax burden that would otherwise arise on any non-exempt […]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 >
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 >
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 >
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 Dangers of DIY & Online Wills
The dangers of the unregulated sector and the desperate dangers of online Will construction packages Making a Will can be essential to ensure that on your death certain assets are distributed according to your wishes. If you do not create a Will, then you risk assets passing by intestacy rules to people you may not […]Read More >