Inheritance tax cuts to support charity will start in April
The plan was announced in last year’s Budget statement. Chancellor George Osborne said that if at least 10% of the estate is left to charity, IHT will be cut by 10%.This would reduce the rate from the standard 40% to 36% for qualifying estates. It’s hoped that the measure will encourage more people to leave…
Proposals to help both married and cohabiting couples
This can sometimes create problems for partners and close family members who don’t inherit as much as they expect or believe they deserve. Cohabiting couples are particularly at risk because if one dies without having made a will, the other has no automatic right to inherit the estate. This applies even if the couple have…
Will writing and estate administration ‘open to abuse’
There could also be major problems if consumers allow unregulated practitioners to draw up lasting powers of attorney. The society raised its concerns in response to the Legal Services Board’s call for evidence into will writing, estate administration and probate activities. The problem is that anyone can set up in business as a will writer,…
Have you recorded your internet passwords in your will?
A survey by the cloud computing company Rackspace found that many people have built up valuable collections of music and videos online and they want to be able to pass these on to their loved ones, just as they would with other property and assets. They also fear that their accounts on bank websites or…
Law Society campaigns for will writers to be regulated
It says that wills contain some of the most important financial and personal decisions that people ever have to make. In spite of this, will writers who are called upon to help people make those decisions don’t need to have any qualifications and are not subject to any regulatory control. The Law Society president, Linda…
How disputes can arise when there is no written will
The case involved a couple who each had sons through previous relationships. The couple had made an oral agreement for mutual wills. The agreement was that on the first death, the estate would pass to the surviving partner. The surviving partner would then be bound by an irrevocable trust to leave the estate when they…
New Year’s resolutions to protect yourself and your family
Make a will or bring your existing will up to date Making a will is one the easiest and best things you can do to protect the interests of the people you care about, it’s also the only way of ensuring that your wealth is passed on in the way you want. Unfortunately, many people…
What can you do if you are left out of a will?
It can be devastating to be left out of a will. It’s not just the loss of an inheritance but also the thought that a loved one such as a parent actually decided to cut you off or leave you far less than you were expecting. There are several reasons why this might happen. The…
New tax regime could ‘impact on trusts and wills’
Recent changes in the tax regime could have an adverse effect on many trusts and wills. The new Government’s first budget increased Capital Gains Tax (CGT) to 28% for higher rate taxpayers. The Law Society has warned that this new rate “will charge any gains made while an estate is being administered and also gains…