SECOND UPDATE: On 21st April 2017 the Ministry of Justice announced that these changes would be shelved indefinitely. No doubt, with the imminent election, they do not have time to revise and pass these measures. However, at the moment the government … [Read more...]
Probate summary
If the estate is very small and does not contain any property or large amounts of money, it may be possible to close small bank accounts without needing to obtain a grant of probate but in the majority of cases a grant is required. This is a legal … [Read more...]
Using trusts to protect family property
It is worth considering using trusts to protect family property. Two scenarios where this may be appropriate are in the case of a second marriage when you already have children, or to protect your share of your property from potential care fees for … [Read more...]
Nil-rate band discretionary trust wills
Prior to October of 2007, many couples made wills with nil-rate band discretionary trusts in order to avoid inheritance tax where their combined estate was worth more than the tax free nil-rate band. Now the government has changed the rules to allow … [Read more...]
Inheritance tax and gifts to charity
Inheritance tax (IHT) is charged at a rate of 40% on the value of an estate that exceeds the nil-rate band (NRB). The NRB is currently £325,000 per individual. There is provision for a surviving spouse to ‘inherit’ the unused allowance of their late … [Read more...]
Why you should make a will
The main benefit of a will is the certainty it gives. In the absence of a will the statutory rules of intestacy take effect and these lay down a strict order as to who will administer the estate and who will inherit it. Your will appoints your … [Read more...]