The Debate Over Farmers Paying Inheritance Tax
Everyone has an opinion on the recent changes in the inheritance tax rule for farmers so we thought we would take the opportunity to explain the current rules and the changes that are taking place.
The Assisted Dying Bill explained
The UK’s Assisted Dying Bill is due to be debated in parliament later on this month, and it is something many of us will have seen recently in the news.
What happens to my digital assets when I die?
As the digital age is becoming more and more of the norm, many of us accumulate a significant amount of digital assets. These can include social media accounts, emails, cryptocurrency, and online banking.
Making a Will when you don’t have children
It seems obvious to many that we build our wealth and save hard to pay off our mortgages to be able to leave our estates to our children. These decisions can already be quite difficult for some as relationships with children are not always straightforward.
Inheritance tax and key dates to consider
Inheritance tax is charged on a transfer of value, which reduces the overall value of a person’s estate. Inheritance tax is not payable in all estates and if there is a charge, the following exemptions will be applied in calculating the amount of IHT due:
What are the implications of cutting inheritance tax?
It has recently been suggested in the media that Rishi Sunak is going to make cuts to or even abolish Inheritance Tax. The decision to reduce Inheritance Tax, or its complete abolishment, is a contentious issue and has been met with both support and criticism.
Who can arrange a funeral?
When someone dies it is not always clear who should arrange their funeral. If the deceased left a Will, the responsibility will usually fall to the Executor. However, if there is no Will, it can be less clear who has the responsibility, or even the right to arrange the funeral.
The problem with homemade Wills
In this blog we outline the issues that can arise from creating a homemade Will, and the benefits of using a legal professional.
Protecting your assets abroad
If you live in the UK but have assets abroad there are a number of things that you need to consider. In this guide we outline what steps you can take to ensure your assets are protected.
Leaving an inheritance to your children
In this blog we will provide you with a clear understanding of the importance of leaving an inheritance to your children and the potential risks involved in not doing so.
Estate planning for the modern family: cost-effective solutions for transferring wealth in the UK
In today’s complex world, estate planning has become even more important as families have become more diverse. This is especially true in the UK, where the modern family often consists of blended families, same-sex couples, and single parents.
Wills vs. gifts: choosing the most cost-effective option for leaving your estate to your children
When it comes to leaving your estate to your children, you have two main options: making a will or giving gifts. Both options have their advantages and disadvantages, and choosing the most cost-effective option will depend on your specific circumstances.
Wills and estate planning for blended families
When you and your partner create a life together with the children from one or both of your previous relationships, this is known as a blended family. It can sometimes be difficult for blended families to discuss how they wish for their Estates to be divided regarding their Wills.
Which type of Will is right for you?
Many people do not know that there are a number of different types of Will that can be used to distribute your assets and property after your death and protect your loved ones.
What does an Executor or Administrator of a Will do?
When a loved one passes away it can be a shock to discover the amount of paperwork that needs to be sorted out in order to deal with that person’s estate. Under the terms of a Will the person responsible is known as the Executor but, if there is no Will the estate is dealt with under the rules of intestacy and that person is known as the Administrator.
Can I gift my house to my children?
One of the most common questions we are asked by clients, is if they could make a gift of their property to their children. This is quite often to mitigate any inheritance tax in the future.
What happens at a Will meeting?
We often receive enquiries from people who want to make a Will, but they are not quite sure how to go about starting the process or what it involves. We like to keep the process as simple as possible, as making a Will is not always the easiest decision for people to make and it is not something that a lot of us like to think about.
Leaving a gift to a charity in your Will
With so many of us supporting charities, clients often ask us if they can leave a gift to a charity within their Will. Of course, leaving a charitable gift in your Will is a nice thing to do, however it is important to seek appropriate advice as leaving such a gift is not as straightforward as you may think.
Are there tax implications for making gifts?
When making a gift to another person of money, property, or an item of value, it is especially important to be aware of the tax implications and the rules that govern how that gift is treated.
What happens if a person dies without making a Will?
If someone dies without leaving a Will, their estate will be dealt with under the intestacy rules. The intestacy rules determine who will inherit your estate. This could mean that the person you wish to inherit your estate is not the person who will inherit your estate.
Why is it important for blended families to make a Will?
A number of families are now part of a blended family unit, which is why it is especially important to put a Will in place to protect your loved ones.
Will I pay inheritance tax?
One of the most important matters to consider when making your Will, is if there is any opportunity to mitigate inheritance tax, and quite often with inheritance tax planning, the earlier you seek the advice, the more options will be available to you.
What happens to my existing Will after marriage, entering into a civil partnership, or divorce?
In this blog we explain what happens to your Will when you get married or divorced and why it is important to think about updating your Will if you become separated.
Increase in Probate Court fees and changes to the “excepted estate” rules
This month sees an increase in Probate Court fees and changes to the “excepted estate” rules. In this blog Kanesia Bicar explains what these changes mean for you.
Are all legal service providers regulated?
There are many companies both on the high street and online who provide legal services. However, not all legal service providers or even firms claiming to be legal practices are regulated.
Handwritten Wills Explained
We are often asked if a handwritten Statement of Wishes would be sufficient to pass as a valid Will. Handwritten Wills, also known as Holographic Wills, are Wills where the person to whom the document relates, writes the Will themselves and signs it
Why it is important for all business owners to make a will
When thinking about making a Will, we tend to consider our properties, personal effects, and savings, however it is surprising how many of us do not consider what would happen with our business in the event of our death.
What happens to my debt when I die?
Our debts do not die with us, they are carried over into our estate. It is reported that Michael Jackson died with approximately £500 million worth of total debt; so what happens to these debts after we die?
Law Society urges people to include digital assets in their Wills
A survey commissioned by the Law Society has found that 93% of those who have made a Will, have not included any digital assets within it. They have further quoted that just a quarter of the 1,000 people asked, knew what would happen to their digital assets after they die – with only 7% saying that they fully understand.
Increase in Will writing during the global pandemic
The Law Society has reported a ‘striking shift’ in the number of people making or updating wills since the beginning of the pandemic – although the ‘overwhelming majority’ of people are yet to put their legal affairs in order.
Making a Will checklist
To assist you with making your Will, we have put together a checklist which will help you understand the kind of decisions you will need to make and what information you should start preparing.
Can anyone make a Will?
We explain the rules around who can make a will and what makes one legally binding.
Witnessing of Wills moves into the digital age
With society becoming more and more reliant on digital services to get things done and keep safe at home, the legal services industry has had to adapt to cope with these changes.
COVID-19: Making a Will and taking care of your financial affairs
We have put together this guide which we hope will answer some of your questions about putting your legal affairs in order during this difficult time.
5 reasons why all parents should make a Will
There are many reasons why all parents should make a Will. Here we explain our top 5.
Why should I use a lawyer to draft my Will?
There comes a point in all our lives when we think about making a Will. The harsh reality is that one day we will all pass away and what will happen to our estates will depend on whether we made a Will. We all live in a world now that has so much choice for […]
How can I protect my pet when I die?
We all love our pets yet many of us do not consider what would happen to them when we die. It is possible to make provision for your pets in your Will, however this is often overlooked. Our pets are part of the family and it is important that we have a clear set of […]