Inheritance Tax can be a substantial bill, often amounting to tens of thousands of pounds or more, payable by someone’s estate after their death. It is a complex area, but it is often possible to legitimately reduce the amount of Inheritance Tax that will be due. How much Inheritance Tax is payable after
Inheritance Tax Thresholds Read More »
For many people, leaving money to a charity in their Will is a way of saying thank you for the help they or their loved ones have received during their lives. Charities rely heavily on gifts they are left when people die. But leaving money to charity can also benefit your estate, by way
How and why to leave money to charity in your Will Read More »
When you are having your Will drawn up, there is more to think about than simply whom you wish to leave your estate to. Below is a brief checklist of issues to consider when making your Will. Funeral wishes If you want to, you can include your funeral wishes in your Will so
After someone dies, their executor or administrator will be responsible for finalising their financial affairs. This involves collecting in all of their assets and belongings and either selling them or transferring them in accordance with their Will or, if they have not left a Will, the Rules of Intestacy. Identify assets Making
Dealing with financial affairs after someone has died Read More »
While many people understand the importance of a Lasting Power of Attorney (LPA), the idea of putting a business LPA in place is not as familiar. An LPA gives legal authority to a trusted attorney to deal with your affairs and make decisions on your behalf, should you ever become unable to manage this
Do I need a business Lasting Power of Attorney? Read More »
Children aged under 18 are held to lack the legal capacity to inherit a gift under a Will. This means that if they are left something in a Will, arrangements must be made to look after the asset on their behalf until they are old enough to inherit it. When you write your Will,
Can someone inherit money under a Will if they are under 18? Read More »
A deed of variation can be used to change the provisions of someone’s Will after they have died. This can be used to distribute their assets in a different way in order to reduce the amount of Inheritance Tax that will be payable or to make provision for someone who was not included in the
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After someone dies, their personal representative will generally need to apply for a Grant of Probate or, if they did not leave a Will, a Grant of Letters of Representation. This is the legal authority that will enable them to wind up the deceased’s estate. There is not any legal timeframe for applying for
How quickly do I need to apply for probate after someone dies? Read More »
A Living Will, also referred to as an Advance Decision, allows you to refuse certain medical treatment, should you become unable to make this decision in person at some point in the future. A Lasting Power of Attorney (LPA) for Health and Welfare has a wider remit, appointing attorneys to act on your behalf
Do I need a Living Will as well as a Lasting Power of Attorney? Read More »
Planning for the future is an essential part of taking care of your business. As well as making sure your loved ones are provided for, business and estate planning can ensure that your estate legitimately minimises its liability for Inheritance Tax. If you own a business, you will want to make sure that it
Planning for what will happen to your business after you die Read More »