Article Category: Wills & Wealth Planning – Insight & Opinion

Arguing over a Will: The 5 Most Common Reasons

It is a very difficult time when a loved one passes away. This feeling can be worse if the provisions of the Will are unexpected, or if there is conflict between the families over the distribution of the estate, leading to arguing over a Will. There has been a surge over the last few years… Read more »

Top Tips to Maximise the Reliefs from Inheritance Tax

reliefs from inheritance tax

If you own a business or have farmland which may qualify for reliefs from inheritance tax, it is a good idea to have a Will in place in order to maximise this generous tax saving. HMRC have specific rules about apportioning the relief between chargeable and exempt beneficiaries; so without a Will, or if you… Read more »

Inheritance Tax Threshold Increases to £1 million

In April 2017, the Government introduced the Residence Nil Rate Band (RNRB) which provides an additional allowance for married couples where the surviving spouse leaves their property to direct descendants (i.e. children, grandchildren, step-children). The intention was to reduce the burden of inheritance tax for families and make it easier to pass property down to… Read more »

5 Reasons to Make a Will

Making a Will can be one of those things that you easily put off, however, it’s a really important document to ensure that your estate is dealt with as you would wish and your loved ones are protected after you die. Below are five reasons why a Will should be made or reviewed: 1. Division… Read more »

If I Do Not Make a Will, Does My Partner Inherit My Estate?

It is a common misconception that if you are an unmarried couple, then your partner will automatically inherit your estate when you die. If you do not leave a Will, the Government’s intestacy rules apply and your partner is not entitled to anything under these rules. What are the estate inheritance rights for unmarried couples… 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 »

Medical Treatment – Can It Be Refused by an Advance Decision?

During such an uncertain time, many people have sadly been confronted with the reality of life and death. It has forced people to take action in ensuring their own lives are in order, and many people have begun making Wills among other things including an advance decision. What Is an Advance Decision? A Living Will,… Read more »

Number of People Contesting a Will Increases

According to a recent poll conducted by Direct Line Insurance, a quarter of UK residents would contest a loved one’s Will if they were unhappy with the division of assets set. In 2018 alone, there was a 6% increase in people challenging probate applications and the most common reason for contesting a Will was found… Read more »

Increase in Statutory Legacy and What It Means for You

It is a common misunderstanding that in the event of a married individual dying without a Will, then their widow, widower or surviving civil partner would inherit everything. This is not always the case.  What Happens If You Die Without a Will? Anyone who dies without a will is said to have died ‘intestate’. The rules as to… Read more »

Passing a Family Farm onto the next Generation

Many farmers want to pass their farm onto the next generation and to do so as tax efficiently as possible. It is therefore essential that farming families plan carefully for the future of the farm and their business interests, whilst thinking about their long-term aims carefully and with tax liabilities in mind. Farming Families and… Read more »