Options for Inheritance Tax Planning

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Continuing from last week’s article, there are options available to the testator(s) when it comes to Inheritance Tax (IHT) planning. Some planning can simply be done by a well drafted Will, whilst others will require lifetime planning. The best approach will depend on the factors covered in last week’s newsletter. What options are available with … Read moreOptions for Inheritance Tax Planning

Probate Fee Changes

Probate Fee Changes

The Ministry of Justice announced this week that the government will move forward with a new branded structure for probate fees. This system was announced last year but put on hold before the snap general election. It has been stressed that all money raised from these new fees will be spent on running the courts … Read moreProbate Fee Changes

Considerations for Inheritance Tax Planning

IHT Considerations

An important part of estate planning is to determine if the testator has an Inheritance Tax (IHT) liability. IHT is a tax charged when wealth changes hands, most commonly charged on death, but may also be charged during lifetime. IHT is charged when assets above the Nil-Rate Band (NRB) are passed. Each person has their … Read moreConsiderations for Inheritance Tax Planning

Lasting Powers of Attorney: Can the donor’s will be disclosed to attorneys?

LPA Can the donor’s will be disclosed to attorneys

Since 1st March 2017, it has been accepted that a donor’s will can be disclosed to the attorneys of their Property and Affairs Lasting Power of Attorney (LPA). Before this date, it was believed that the will could only be disclosed if the LPA gave express authorisation for this. Can the will be disclosed whilst … Read moreLasting Powers of Attorney: Can the donor’s will be disclosed to attorneys?

Guardianship and Parental Responsibility

Guardianship and Parental Responsibility

An appointment of testamentary guardians is rarely considered by a parent, but it is highly desirable that they should consider who should look after their children if both were to lose their lives while their children are under eighteen. The appointment of a testamentary guardian can only be made by a person with parental responsibility. … Read moreGuardianship and Parental Responsibility

Transferable Nil Rate Band

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Every person has their own nil rate band (NRB). This is the amount that can be distributed on their death without inheritance tax being payable. Since 9th October 2007, an unused NRB from a deceased spouse can also be claimed when the surviving spouse dies. There are a number of misconceptions about the transferable NRB … Read moreTransferable Nil Rate Band

WillPack Professional Indemnity Insurance & Liability

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Reminder: Office of the Public Guardian Refund Scheme

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It has been over six months since the Office of the Public Guardian (OPG) announced their power of attorney refund scheme. Recent evidence however shows that only around 15% of those entitled to a refund have applied to the OPG. Due to this, we would like to put out a reminder about the scheme and … Read moreReminder: Office of the Public Guardian Refund Scheme

Co-ownership and Severance

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Where more than one person owns property, there are two ways in which the owners may own the equity of the property. Joint Tenants A joint tenancy is the most common and standard method for property to be held. Under a joint tenancy, each owner does not have their own ‘share’ in the property. Instead, … Read moreCo-ownership and Severance

Considerations when appointing Executors or Trustees

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Most testators will usually appoint their surviving spouse or partner, children, close family or friends to act as their executors and trustees. Whilst there is nothing wrong with appointing family members and friends, there are a number of points that a testator may need to be advised of. Personalities Where multiple people are being appointed, … Read moreConsiderations when appointing Executors or Trustees