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 […]
Changes to Inheritance Tax Liability
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Inheritance tax (‘IHT’) planning is a crucial aspect of wealth management, particularly for those who hold assets that currently benefit from inheritance tax (‘IHT’) reliefs. Two significant potential changes to IHT rules could have a profound impact on UK estate planning: The reduction of Business Property Relief (BPR) on AIM shares The inclusion of pensions […]
The Budget and What Next for Farming Families? – Part 2
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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 […]
The Budget and What Next for Farming Families? – Part 1
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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 […]
Inheritance Tax and Equity Release – Part 2
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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 […]
Inheritance Tax and Equity Release – Part 1
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How does Equity Release affect Inheritance Tax, particularly in light of the forecast changes to Inheritance Tax brining in the value of pensions after 6 April 2027? This article should not be considered as bespoke legal advice suitable to you and your circumstances. It also does not remove the need to seek appropriate financial advice […]