With no changes to inheritance tax announced in the recent Budget below is a summary of the allowances and exemptions currently in place. At present each individual is allowed the first £325,000 of their estate free of inheritance tax, referred to as the Nil Rate Band. Inheritance tax at 40% is usually payable on any…
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Wills, Trusts and Probate
The random nature of the Covid-19 virus has caused many of us to reflect on our own mortality during recent months. The long weeks of lockdowns have persuaded thousands of people to reassess their lives, and allowed them the time to focus on their financial circumstances. They have made new plans for their retirement, and…
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Research shows that over half of UK adults currently have no Will. This may be understandable if they are young and in good health, but figures show that even in the over-55 age group approximately 37% of people have still not drawn up a Will. When someone dies without leaving a will the UK intestacy…
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With public health at the front of everyone’s minds it is no surprise that more and more people have been updating their wills, or in many cases drawing up a will for the first time. It has long been the case that a will must be signed by the testator (the person who is making…
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As defined in the government website www.gov.uk: applying for the legal right to deal with someone’s property, money and possessions (their `estate’) when they die is called “applying for probate”. Before the next of kin or Executor named in a will can claim or dispose of any of the deceased person’s assets they may have…
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New rules allowing wills to be witnessed using video conferencing technology are set to be introduced in September, as the government attempts to streamline probate legislation in the face of Covid-19. Using software such as Zoom, Facetime and Skype, once an individual has signed their will it can be posted to witnesses for them to…
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Changes to the rules of intestacy were introduced in early February, increasing by £20,000 the amount a spouse will automatically inherit in certain circumstances. Intestacy rules decide how the assets of someone who dies without making a will must be shared out. From 2014, the spouse or Civil Partner was entitled to all assets in…
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Facing the often sudden death of a family member is difficult enough. Bereaved relatives report that they are now suffering additional stress as they try to settle the deceased’s affairs because of inefficiency on the part of banks, pension companies and utility suppliers. Clearly the Coronavirus outbreak has had an effect on the ability of…
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With public health at the front of everyone’s minds it is no surprise that more and more people are seeking to update their will, or in many cases draw up a will for the first time. The Law Society and the government are currently looking at ways to streamline the execution process in light of…
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The topic of digital legacy has been increasingly talked about in recent years and people should consider their digital assets when making a will or Lasting Power of Attorney. Firstly, would your Executor or attorney know about your online banking, your e-mail accounts, online shopping accounts and your social networking presence such as Facebook, Twitter…
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