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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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
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With cryptocurrency becoming more widely held, it is important to understand what will happen to this type of asset after someone dies. Cryptocurrency is stored in a virtual wallet which is accessed using two keys. The public key is similar to an electronic address, while the private key or passcode allows the holder of
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It is just as important to store your Will safely as it is to make it. If a Will is lost then your estate could pass in accordance with the Rules of Intestacy, which means your loved ones could miss out on their inheritance. When someone dies, their personal representative has the task of
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Most people do not include their digital assets when they make a Will, meaning that anything of value will end up being included in the residue of the estate. There is also a risk that some assets will simply be lost if they are not listed or if there is no way for them
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Mirror Wills are two Wills made by a couple usually leaving everything to each other and then to the same choice of beneficiaries, usually their children. The intention of mirror Wills is to provide for the other person and ultimately for the same beneficiaries once both parties have passed away. There are some drawbacks
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Insurance company NFU Mutual recently analysed HM Revenue & Customs receipts, finding that the average Inheritance Tax bill for the year 2018/19 was £199,000. The standard Inheritance Tax rate is currently 40 per cent, which can result in a substantial bill for many estates. By taking tax planning action in advance, it is possible
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When someone dies, the administration can seem overwhelming at what is a very difficult time. We take a look at each step to be taken. Following a death, dealing with all of the necessary paperwork is an onerous task. If a Will is left, it will appoint an executor who will be responsible for
When someone dies: a step by step guide to administration Read More »
The job of the executor or administrator of an estate includes distributing assets to the beneficiaries. When a beneficiary cannot be found, it can cause complications. After someone dies, their estate will be wound up by their personal representative. If they have left a Will, this will name an executor to carry out this
What should you do if a beneficiary cannot be located? Read More »