Thinking about handling probate yourself? A quick word of caution.
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nat_B0m
It’s completely understandable to look at DIY probate as a way to keep costs down. In some cases it can work well — but there are areas where things can easily become complicated, and mistakes can be costly. One issue we see more often than you might expect is missing out on valuable inheritance tax […]
Transferring Property to Beneficiaries: Can I Do It Now?
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nat_B0m
There is a common misconception that in an attempt to limit the inheritance tax (IHT) due on an estate, the homeowner can transfer property into the names of their future beneficiaries whilst they are still alive and continue living there. However, this does not have the desired outcome and may instead increase the tax due […]
To instruct a Solicitor or not instruct a Solicitor – Probate woes? Quick answer? Instruct a Solicitor.
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nat_B0m
Most lay-Executors will feel like seasoned professionals after enduring the administration of an estate. As a Wills and Probate professional myself, who has met clients who have ‘endured’ the administration of an estate and applying for Grant of Probate, it’s interesting to ask the question – “did you consider instructing a solicitor to assist?” Whether […]
Claims Under the Inheritance (Provision for Family and Dependants) Act 1975: Understanding Who Can Challenge a Will and What the 1975 Act Really Means
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nat_B0m
In England and Wales, the principle of testamentary freedom applies. This means you are generally free to leave your “Estate” — your property, money, possessions and personal belongings — to whomever you choose. There are no automatic rules dictating that your Estate must pass to specific family members in your Will. This differs from some other jurisdictions […]
Premises, SIPPs and Inheritance tax on death post March 2027
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Once upon a time it was very attractive to have your business premises held by your Self- Invested Pension Plan (SIPP) or similar arrangement. That was back in the day when pensions were outside of the scope to Inheritance Tax (IHT) on death, which is scheduled to end for those dying after the end of […]
What are LPAs and is this Something I Should Have?
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A Lasting Power of Attorney (LPA) is a legal document that lets you appoint one or more people (known as your ‘Attorneys’) to help you make decisions or to make decisions on your behalf. This gives you more control over what happens to you if you have an accident or an illness and cannot make […]
I’m Married/ in a Civil Partnership, Do I Need a Will?
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The short answer is yes, everyone who has assets needs a Will to ensure your wishes are carried out. If you are married or in a civil partnership and have joint assets with your spouse/civil partner, these assets will automatically pass to them by survivorship. Assets in your sole name or held as tenants in […]
Executors Beware! A Pensions and Inheritance Tax Update
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We have just had the government’s response to the October 2024 consultation process, arising out of the changes to the Inheritance Tax (“IHT”) status of pensions announced in the Autumn Statement. The consultation process triggered strong opposition from the pension industry, and this has resulted in some changes – although not the rollback of the […]
What are my options if my friend/relative has lost mental capacity and they do not have an LPA?
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If your friend/relative’s capacity is questionable, it is a good idea to ask an appropriate medical professional for a mental capacity report. If your friend/relative is the right side of the line according to that report to make a LPA, that should assist you or a lawyer to have the confidence to draft, execute and […]
Spring Cleaning your Personal Affairs
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Spring brings new life and (hopefully) better weather which in turn imparts energy to declutter and reorganise our lives. Psychologically this boosts mood, reduces stress and affords us more time to accomplish activities from which we derive pleasure. Blowing the dust off our personal affairs, checking all is in working order and that we have […]