Parents usually want to leave their money in their Will to children and grandchildren. There are different ways to pass on wealth and we take a look at the options and implications. It is important to think carefully about how you want to leave your money when making a Will. In some cases, passing on
Leaving money in your Will to your children and grandchildren Read More »
Executors who are dealing with the administration of an estate after someone’s death need to be careful not to breach the rules designed to protect beneficiaries. This includes not buying assets from the estate. Known as self-dealing, buying assets from an estate if you are a personal representative can mean that you have breached the
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The Financial Conduct Authority (FCA) has taken over regulation of the pre-paid funeral plan sector and is advising consumers to buy only from providers or representatives it has authorised. Following legislation passed by the government, the FCA now regulates the pre-paid funeral plan market. This is intended to raise standards and provide better protection for
Funeral plan providers now regulated by the FCA Read More »
A Lasting Power of Attorney or LPA is a legal document giving authority to a trusted person to make decisions on your behalf, should you ever become unable to do this yourself. We answer some of the most frequently asked questions concerning making and using LPAs. What is a Lasting Power of Attorney? A Lasting
Lasting Powers of Attorney – Frequently Asked Questions Read More »
After a death, an estate executor or administrator is responsible for winding up the deceased’s affairs. This may include obtaining a Grant of Probate. We take a look at when banks will ask for a grant before releasing funds. In some situations, it is not necessary to obtain a Grant of Probate after someone dies.
When do banks ask for a Grant of Probate? Read More »
Figures released by HM Revenue & Customs have revealed that the number of deceased estates valued at more than £1 million has risen by over one-third in five years. In 2013-14, there were 8,340 estates worth over a million, while in 2018-19 the number stood at 11,210. This rise is likely to have been fuelled
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A Lasting Power of Attorney or LPA gives legal authority to a trusted friend or relative to make decisions and deal with the affairs of someone unable to do this for themselves. It is always recommended that people sign an LPA while they have the mental capacity to do so. This means that, should they
How long does an LPA last and can it be ended? Read More »
If you are dealing with the estate of someone who has died, you will usually need to obtain a Grant of Probate. If the deceased was British and had assets in the UK but was domiciled overseas, you may still need to apply for this. Whether or not you need a grant will depend on
How to obtain probate when the deceased was not domiciled in the UK Read More »
While most of us know that it’s probably a good idea to make a Will, an estimated three-fifths of adults in the UK have so far failed to put one in place. We take a look at the reasons behind this and why it is beneficial to take steps to ensure you have a valid
Why people don’t make a Will – and why they should Read More »
There may be a situation where you want to leave money to your children but you do not want their spouses to be able to take control of it. For example, if their marriage is problematic with a risk of divorce, any money your child receives as an inheritance will be at risk when a
How to leave money to your children but not their spouses Read More »