Having a survivorship clause in your Will isn’t always a good thing and can in some circumstances increase the amount of Inheritance Tax due. To understand why, we need to recount the rule changes of 2007. The Inheritance Tax (IHT) rules for married couples and...
Following the death of a loved one closing down someone’s Social Media is never going to be top of the agenda, but in the social age it will need to become a consideration. With over 30 million UK users on Facebook alone there are a...
Who are you going to leave money to in your Will? Your spouse or partner is probably first in line, any children or extended members of the family may pop up here and there too. But what about a charity? Thousands of people every year choose...
You’ve spent years building up your business, but have you given any thought to what will happen when you want to slow down a bit or when you die? Succession planning is about having an exit plan. If you have one of these in place you...
Building up a sizeable estate is a lifetime’s work - the result of a lot of hard graft. As a result, it is understandable that you would want to pass on as much of that estate to your loved ones as possible. Trusts are an...
It is extremely important that any named beneficiary in a Will can be easily identified. After your death, your Executors must be able to say with certainty that an individual either is, or is not, a beneficiary under your Will. There are many things that you...
There are lots of legal words used when dealing with Wills and estate planning provisions. Here is a guide to the most common ones you are likely to hear: Administrator – this is a person who is appointed by law to settle the affairs of someone who dies...
Gifts to charities are exempt from Inheritance Tax (IHT) whether they are made in lifetime or in a Will, and can reduce the amount of IHT paid on the rest of the taxable estate. Likewise a gift to a Trust that is established for “charitable...
Inheritance Taxis often named as one of the UK’s most hated taxes. While there are a number of ways to reduce your eventual tax bill, many people are unaware of Business Property Relief. Business Property Relief (BPR) allows relief from inheritance tax at a rate of...
When the UK made the decision to depart the European Union last year, the actual departure seemed a long way off. Although the thought of leaving loomed, the process of exiting was thought of as distant - simply another thing for politicians to worry about. As...