WillPack

Who can apply under the 1975 Act?

Who can apply under the 1975 Act?

Whilst any person has testamentary freedom to leave their estate however they see fit, they should be aware that their freedom is slightly restricted by the Inheritance (Provision for Family and Dependants) Act 1975 (the 1975 Act). The 1975 Act gives the court powers to order financial provision from a deceased’s estate to benefit certain … Read more Who can apply under the 1975 Act?

Inheritance Tax Planning for Unmarried Couples

Inheritance Tax Planning for Unmarried Couples

The legal position of cohabiting couples varies to that of a married couple and they do not receive some of the benefits that married couples receive. Inheritance tax planning that is common place and simple for married couples may not therefore be the best option when it comes to unmarried couples. A married couple can … Read more Inheritance Tax Planning for Unmarried Couples

IPDI vs FLIT

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Complex families often come with complex requirements to meet their long-term goals, and matters can be made more difficult when each testator has separate goals or concerns in mind. These goals usually revolve around the inheritance the children are to ultimately receive and when they receive it, and it certain cases, if they inherit at … Read more IPDI vs FLIT

Replacement Attorneys on a Lasting Power of Attorney

Replacement Attorneys on a Lasting Power of Attorney

Under an LPA, the donor can name specific replacement attorneys that will step in to act in certain situations. When the replacement attorneys step in will depend on how the original attorneys are appointed. Replacing a sole attorney Replacements attorneys will start acting as soon as the original attorney is no longer able to act … Read more Replacement Attorneys on a Lasting Power of Attorney

Advance Decisions and Health and Welfare LPAs

Advance Decisions and Health and Welfare LPAs

An advance decision is a decision made by a person refusing consent to the giving or continuing of certain medical treatments. This statement is made whilst they have mental capacity, in anticipation of a time in the future when they no longer have capacity. Advance decisions are also commonly referred to as an advance decision … Read more Advance Decisions and Health and Welfare LPAs

Survivorship Clauses and Commorientes

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Survivorship clauses between spouses will often include provisions so that the survivorship period will not apply if they both die in circumstances where it is uncertain who survived the other, for example in a plane crash. The reasons for this inclusion is a very specific inheritance tax advantage where spouses die together, and it cannot … Read more Survivorship Clauses and Commorientes

Potentially Exempt Transfers

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Gifts made during lifetime may be considered when calculating IHT on death if they do not fall into any of the inheritance tax exemptions and allowances (see our previous newsletter). These are known as Potentially Exempt Transfers (or PETs). To be considered as a PET, the gift must be either a gift to an individual, … Read more Potentially Exempt Transfers

Powers to Carry on a Business

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Clause 4.8 of the STEP Provisions (second edition) contain limited powers to allow the trustees to carry on the trading of any business interests which the testator may have at death. Where the testator was a sole trader, through these provisions the trustees have an implied power to continue the business in order that it … Read more Powers to Carry on a Business

Inheritance Tax Review – An Update

Inheritance Tax (IHT) Review

Potentially changing the Inheritance Tax regime is big news at the moment and the past few weeks have provided some interesting developments. As mentioned in a previous article, the Chancellor of the Exchequer has requested that the Office for Tax Simplification carry out a review of the Inheritance Tax regime. Soon after this, the Office … Read more Inheritance Tax Review – An Update