Article Category: Wills & Wealth Planning – Insight & Opinion

Budget 2021: Impact on Your Estate

Desk with document titled inheritance tax

In the months leading up to the Budget, several rumours were circulating about the changes that would be made this year. Chancellor Rishi Sunak announced that inheritance tax and capital gains tax would remain the same, but what does this mean essentially and how does it impact making lifetime gifts and the value of your… Read more »

The Dangers of a Homemade Will

Currently, there is no requirement for people to make a Will under English law. And, in fact, a study carried out by ‘Remember a Charity’ in 2019 found that 68% of UK adults do not have a Will. If you’re one of these people, and you’re now contemplating writing a Will yourself — proceed with… Read more »

Tax Returns Deadline Extension Announced by HMRC

HMRC announces tax returns deadline extension

The HMRC have recently announced that  people required to file self-assessment tax returns will not receive a penalty if submitted late, provided that the tax return is filed online by the 28th February 2021. The deadline extension follows the realisation that many people required more time and were struggling to complete their tax returns by… Read more »

Caroline Flack: What Happens if You Die Without a Will?

Last will and testament document - what happens if you die without a Will?

Caroline Flack, TV presenter, very sadly took her own life in February 2020. Newspapers estimated that her estate was worth around £2 million but, after debts, the value was £827,000. Caroline had passed away unexpectedly without a Will having been made and therefore, by law, her estate is to be administered in accordance with the… Read more »

Making a Will: One of Your New Year Resolutions?

New Year resolutions book - is making a Will on yours?

Traditionally, the New Year brings an opportunity for people to make new resolutions to live better and be more proactive. These may involve participating in “dry January” and “veganuary”. People may also decide to quit smoking, lose weight, join a gym or simply de-clutter the house. But what about promising to make or update your… Read more »

Delays at the Probate Service

delays to the probate service

According to a Conservative MP and probate solicitor, John Stevenson, the Probate Service is now more backlogged than it was two years ago. Despite more funding and an injection of more financial and human resources, Mr Stevenson claims that the system has deteriorated. What Is Causing Delays at the Probate Service? The alleged problems have… Read more »

Do I Qualify for Business Property Relief?

Business Property Relief (BPR) provides relief from inheritance tax on the transfer of relevant business assets. It was established to provide the UK’s SME sector with some protection in the event of the death of the principal business owner. It aims to help businesses and beneficiaries to continue trading when faced with an inheritance tax… Read more »

Succession Planning: Make the Most out of Your Legacy

People sat around a table discussing succession planning for business

Research by Brewin Dolphin revealed that 47% of UK adults have never discussed passing on their legacy, while the National Bureau of Economic Research reports that only 12% of firms make it to a 3rd generation*. Unfortunately, by not taking professional advice on your succession planning, your family may pay out more inheritance tax on… Read more »

Why a Commercial Lasting Power of Attorney is Important for Your Business

Running a business involves planning for the future and setting goals. Unfortunately, illness or incapacity is not something we can predict. A Commercial Lasting Power of Attorney (LPA) can help to ensure your business continues to run smoothly should you lose capacity or be unable to run your business due to ill health. What is… Read more »

Deciding Who Inherits Your Estate When You Die

The recent case of Wales v Dixon 2020 highlights the importance of giving clear instructions when making a Will to ensure that your wishes are carried out following death and it is clear who inherits your estate. Helen Gowin, Head of Estate Administration at SAS Daniels LLP outlines the case. Mr Wales died in 2015… Read more »