DIY Wills and why they are a false economy
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“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 […]
“I put my house into a trust to avoid paying Inheritance Tax and care costs”
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nat_B0m
Planning for the future often involves finding ways to minimise the Inheritance Tax (IHT) burden and preserve the assets you’ve worked hard for. For most individuals, their home will be their biggest asset. To avoid paying IHT or selling the property to fund care, many look at placing their home in a trust, believing this […]
How can non-married, non-civil partners be impacted by the Residential Nil Rate Band Allowance?
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It may seem perhaps counter-intuitive to be writing an article about the Residential Nil Rate Band Allowance when there is a possibility that the new Labour Government may shortly schedule it’s demise; but until that point in time is reached and that repealing measure is on the statute books, then we have the Residential Nil […]
Mental incapacity and being a trustee
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The assumption is often made that if someone has a Lasting Power of Attorney (LPA) in place, that the appointed trustees will have the authority to deal with matters in the event of mental incapacity of a trustee. This is not true and can cause problems. In the case of an appointed trustee loosing physical […]
Debunking Domicile and Inheritance Tax
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Domicile is a misunderstood concept largely because by its very nature it is subjective and therefore ambiguous. However, it is essential to establish a deceased’s domicile, as this affects the taxation of their estate. Broadly speaking domicile is a person’s permanent, principal home and usually where they have lived physically at some time, albeit they may […]
I have a Will, so why do I need a Lasting Power of Attorney?
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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 […]
Selecting an Executor in your Will
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nat_B0m
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 […]
New Year’s Resolutions
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nat_B0m
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 […]
The importance of updating your Will
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nat_B0m
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 […]
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?
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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 […]