If you own property jointly, we suggest you read this! It might surprise you.
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As a consequence of coronavirus and to make it easier for people to record their final wishes during the pandemic, on July 25th 2020, the Government announced the following temporary changes:
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The role of a trustee is not to be underestimated. The duties and responsibilities of such offices are serious and as such should be undertaken with care.
If within a Will there are any trusts created, there will also be an appointment of people to look after the assets of the trust. These people are known as the trustees.
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The role of an executor is not to be underestimated. The duties and responsibilities of such offices are serious and as such should be undertaken with care.
It is the responsibility of the executor to ensure the terms of a Will are adhered to. As such it may be seen as quite a compliment to be asked to be an executor.
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No matter how many years cohabiters have lived together, no matter how many children they might have together, the fact remains that upon death, there exists no automatic cohabiter rights to a partner's estate. Moreover, in some circumstances, death can leave the survivor with nothing.
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When recommending a client follow this advice, it is very rare to not get asked: so what’s the benefit of writing life insurance into trust? Well, quite simply, doing so is one of the best and easiest ways of shielding a slice of your estate from Inheritance Tax (IHT) and thus safe guarding your wealth for the benefit of those who will ultimately benefit. Life insurance policies can make up a significant portion of your estate. By placing it in a trust, you can preserve it in its entirety and determine how and when your beneficiaries receive their inheritance.
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To reiterate, anyone over the age of 18 and who has capacity can make a Will. I strongly recommend doing so to anyone in a relationship, who has children, assets or a combination of all three. And importantly, Wills are not for just sorting out finances and property in the event of death; you can specify what should happen if you become incapacitated (known as an advanced decision, advance directive or living Will), appoint guardians for your children and even leave money to your friends or a charity.
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I am writing to you to reassure you that at The Will Bureau we are ensuring that our clients continue to receive the highest levels of service, whilst of course taking actions to protect the wellbeing of our clients, staff, their respective families as well as the wider community.
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As with most budgets, there is speculation surrounding inheritance tax (IHT) changes. The chatter is especially strong at the moment due in part to the recent recommendations by the All-Party Parliamentary Group for Inheritance & Intergenerational Fairness (APPG IIF). The word is there could be changes focussed particularly on Agricultural Property Relief (APR).
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Being asked to take on the responsibility of being someone’s attorney can be both a stamp of one’s value and quite possibly, a burden. Having LPA duties is not something that should be entered or carried out half heartedly. You should think carefully about whether you are willing, able and committed to making the appropriate decisions as and when they arise.
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Executors must be able to account for every penny of the estate they are administering as they have a fiduciary duty to the creditors and beneficiaries. They must record every financial transaction during the administration period, essentially probate. So, the following case highlights the risks executors face if they ignore their duties and particularly, when they act in a criminal manner.
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When I meet clients and we start to discuss what they’d like to achieve in making their Will or through general estate planning, one of the questions constantly asked is Jules, but how do I calculate inheritance tax (IHT)? Thus, this guide aims to explain what IHT is, how to work out what you need to pay and when. Therefore, you can be on the ball before we meet!
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On 29 January 2020, the APPG published an informal report on Reform of inheritance tax (IHT). This report comes at a time when many are expecting a range of tax reforms. The report considers a range of reform options but its key recommendations look to simplify IHT and lower the tax rate charged.
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This NSPCC animation sets out to simplify the process of writing a Will. Providing a quick "how to" before going on to explain the benefits of how gifts in Wills can also benefit charities like the NSPCC.
As lovely as it is to receive a gift, the question of whom to bequeath that article when one dies can be tricky.
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Sadly, fraudulent activity is on the increase within families, however, careful planning will always provide security.
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Rik Mayall died on the 9th June 2014 aged just 56. As he didn’t have a Will, some of his estate which would otherwise have been inherited by his wife, will now be inherited by his children.
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…and should you incorporate one in your Will?
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