Under the principal of 'testamentary freedom' we are all free to leave our assets as we wish by making a Will. If we do not make a Will our assets will be distributed to our nearest relatives in accordance with the intestacy rules. However,...
One of the conditions which must be satisfied for a will to be valid is that the person making it must be of sound mind. With an ageing population, cases involving disputes over a testator’s mental capacity are becoming more common – it is...
When dealing with an estate, an increasing problem for executors is the valuation of assets in the form of the chattels of the deceased. In probate terminology, chattels are the ‘everyday’ assets such as furniture and ordinary possessions, as...
If an estate looks like it may be liable to inheritance tax, an early approach to a solicitor after a death might help save you some of that potential tax. The 4 th Duke of Westminster died in 1967 from cancer. His...
A firm of solicitors is always going to tell you to instruct them over a cheaper alternative, but this time we have independent backing! You may have seen the recent BBC Panorama programme looking at Will writing companies. Will writers frequently...
We have recently welcomed Anna Wensley Stock back from maternity leave, she appears in the September edition of Wiltshire Life magazine. The link below to the article is reproduced with the kind permission of Wiltshire Life. Click here to...
In the UK, there are quite generous exemptions from Inheritance Tax (IHT) which apply to business assets. One problem with making use of such exemptions is the effect this may have on the subsequent value of the relevant assets for Capital Gains Tax (CGT)...
A will expresses the final wishes of the deceased person and it is commonly thought that a will is irrevocable after death. However, provided everyone agrees, it is normally possible to vary a will provided that the application is made within two years of...
When one member of a cohabiting couple dies, it can come as an unpleasant surprise to the bereaved partner to discover that not all of their late partner’s estate will pass to them in the absence of a will. It is only when this happens that many people...
As Christmas Day approaches, you might be considering making cash gifts to your relatives. With this in mind, this newsletter hopefully provides a useful outline of how you can make these gifts in an inheritance tax effective way. Annual...
One of the biggest problems now facing executors is that as the recession progresses, most assets, other than cash, are falling in value, which can mean that the value of an estate for Inheritance Tax (IHT) purposes is greater than the market value later on....
Video Wills There has been news coverage recently of ‘video Wills’, whilst these might be an attractive idea to some people, they are not a replacement for a properly prepared written Will. What is a video Will? A video Will is a...
Until the recent publicity afforded by television shows on the subject, many people might not have realised that ‘heir tracing’ companies exist, let alone that they research ‘promising’ estates by looking at public records and then...
Being an executor is a demanding job at the best of times and a task that is made all the more difficult when the deceased has not given proper thought to the problems their executors will face. Here are some of the things you can do to make sure your...
It's easy to include a charity in your will, but you should always consult your solicitor before you write or change your will to be sure it reflects your exact intentions and that you understand its implications. Before you call your adviser, take a...
If my spouse is not UK domiciled, does that matter for Inheritance Tax? An individual who is UK domiciled is liable to inheritance tax (IHT) on his worldwide assets if he gives them away or leaves them under his Will. A non-UK domiciled individual...
Until recently there was a great deal of confusion about the status of pre-nuptial and post-nuptial agreements in the Courts and whether they were binding on a divorce. The recent case of Radmacher v Granatino in the Supreme Court has substantially...
Is that still the question? You will no doubt have seen the recent press coverage about the case of Ilott v Mitson which focused on Melita Jackson who died leaving an estate worth approximately £486,000. Aside from a few cash legacies, Mrs...
As widely predicted, the Chancellor increased the rate of capital gains tax in his June Budget. As from 23 June 2010 a new 28% rate has been introduced. Individuals For individuals, the 18% CGT rate remains where total income and capital...
If you own business or agricultural property you may be able to use this to make significant inheritance tax savings on your death. We can help you ensure that you structure your Wills to ensure that you crystallise the relief available and arrange the...
In October 2007 there was a fundamental change on the way in the way powers of attorney are created and the powers that they can give attorneys, when the Enduring Power of Attorney (EPA) was replaced by the Lasting Power of Attorney (LPA). EPAs are no...
Inheritance Tax The ‘nil rate band’ – that first part of an individual’s estate which does not attract inheritance tax – has been frozen at £325,000 for the next 4 years (until 2014/2015). For couples,...
Recent case law has raised the issue of ensuring that couples fully understand the extent to which the wills that they have signed may bind one another in the future. Often couples ask for identical wills in which on the first death, they leave their entire...
Making financial or welfare decisions for someone without capacity Many people now find themselves in the position of needing to look after the finances or wellbeing of a friend, neighbour or relative who is not able to make decisions for themselves...
The cost of a good education Private school fees have risen by an average of over 40% in the last few years, and university fees are set to increase, too. How can you fund your child's education? The message to parents is to start saving as...
