It might be the last thing you want to think about as a single parent, but making sure you have a valid Will is essential. This is the document that will ensure your children will be looked after in the way you choose. Failing to make a Will means that your children could be subjected
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If you’ve been left money or a share in someone’s estate, you may be wondering what liabilities you have. Do you need to pay tax on the money, and who is responsible for clearing any debts the deceased may have left? After someone dies, their personal representative is responsible for winding up the estate. It
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When the owner of a business dies, administering the estate can be a complex affair. A business forms part of a deceased’s estate and can be left under the terms of their Will. However, probate is far more difficult to administer when a business which is a going concern is left. In this event, the
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While there has long been concern about the lack of Wills in the UK, it looks like the tide has turned. Today, the number of people making an up-to-date Will is increasing at a considerable rate. According to \’The Will writing industry in 2018’ report, 45% of Great Britain now has a Will, up from
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Data published by the Office for National Statistics shows that the wealth gap between generations in the UK continues to widen. The findings also show that inheritances are becoming increasingly important to younger people. Over recent decades, rising levels of household affluence mean that the older generation has higher levels of wealth that can be
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Many families will have to pay more in probate fees from April 2019. That’s according to new proposals that see a hike in the cost of applying for probate. The Government has claimed that fees are necessary to fund an effective and fair court and tribunals system. However, under the plans, some grieving relatives will
Will increased probate fees affect your estate? Read More »
Today, we own on-demand music, ebooks, photos, videos, social media accounts and more. But, when consuming the digital technology offered to us, how many of us think about what will happen to our digital property when we are no longer here? A recent poll by YouGov has now revealed that over a quarter of people want
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The nights are now drawing in and the incessant sparkle of festive lights dazzle us wherever we walk. This time of year should be wrapped up in laughter, mulled wine, social occasions and the feeling of warmth that we are creating precious memories with our loved ones. However, not all of our population enjoy the
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Inheritance tax is a tax that, if due, is payable upon a person\’s death. Whether it needs to be paid depends on how much the deceased person\’s estate is worth, and who is inheriting. When does inheritance tax need to be paid? If the total value of an estate is over £325,000 (nil rate band),
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A Trust can be used to help manage your assets, to protect your legacy, and look after your loved ones. And today, while the tax advantages of a Trust have been reduced, they are becoming increasingly popular. What is a Trust? Trusts are used to hold and manage money or other assets on behalf of
Why do I need a Trust? Read More »