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Opinions and insights from our private client team
Following Elizabeth Young’ s blog back in November 2018 , an increase in fees for applying for a grant of probate is still expected - but not for a least another 21 days. So, in preparation, what will this mean for executors making an application and...
Much of my time is spent advising on Inheritance Tax (IHT) and the ways in which people can reduce their liability. After all, IHT is very often viewed as a voluntary tax as there are legitimate ways in which the liability can be reduced and, in some cases,...
End of life planning is something that we all have to do. As an individual, a will is arguably one of the most important documents we have to create, so it's worth taking the time to get it right and understand the different elements. It is...
Since 2017, HM Courts and Tribunal Services (HMCTS) have offered an online service enabling individuals to apply for a grant of probate in a deceased’s estate, providing certain criteria were met. HMCTS have now updated the system, now allowing...
The Office of Tax Simplification (OTS) has released its first report on the review into Inheritance Tax (IHT). This first report comments on the administrative complexities of IHT which, surprisingly from a lawyer’s perspective, were the most...
A banded system for probate court fees, tantamount to “a tax on the bereaved”, is back on the agenda for the government following their last ‘U’ turn on this topic in the run up to the last general election. The increases have been...
Considering the worst case scenario is not always easy to do. However, when you have children it is important to think about who would care for them if the worst should happen to you. It cannot always be assumed that if the worst case scenario occurred...
In February I wrote about the importance of reviewing your will and, in particular, about the need to stay on top of changes to the tax regime which might affect your estate planning (for those who missed it you can read it here ). As we near the...
In the days of ever increasing property values, but where the amount a person can pass to anyone free from Inheritance Tax on their death has been frozen for almost 10 years, should we be looking to protect the assets of those co-dependent on one...
Having met with clients to discuss their wishes and concerns and to take will instructions over a number of years, the same or similar initial questions often come up. What is a will? A will is a legal document which takes effect on death. A...
I regularly advise health and welfare attorneys on their duties, and it’s quite apparent that the same concerns come up time and time again. Planning for later, or even end of life is difficult, so below are some answers to the questions...
The concept of “next of kin” is often misunderstood and misinterpreted. Contrary to common belief, “next of kin” only exist on death and are those who would inherit if the person in question died without leaving a valid...
I recently assisted a deputy in making a Statutory Will for his brother, ‘Stephen’. The deputy making the application was the sole beneficiary under intestacy and did not agree that this was in his brother’s best interest. Stephen...
Electronic devices are used every day for more than just communication: we use them as a place to create and store documents, listen to music, read books and watch movies. We have social media accounts to share our pictures and videos. We buy and sell...
In the last couple of months, I have written about the importance of reviewing your will to ensure it is up to date with your personal and financial circumstances, but also in light of any changes to the tax environment. Over the weekend, the importance of...
HMRC have recently published a consultation document about their proposed changes to the calculation and payment of capital gains tax (CGT) in relation to the disposal of residential property – but, practically, what might this mean for taxpayers? CGT...
In December I wrote about the research into the use of Agricultural Property Relief and Business Property Relief , the aim of which was to help HMRC to understand how people utilise these reliefs in estate planning. Following this, on 19 January,...
As the dust settles following the Autumn Budget, in amongst the various documents released around the same time, HMRC published research on the use of Agricultural Property Relief (APR) and Business Property Relief (BPR), and taxpayers’ attitudes...
An online service for selected personal applicants of ‘non-complex’ estates has, in fact, been available under a pilot scheme since November 2016. The launch now invites all personal applicants to apply providing certain criteria are met:...
A new raft of anti-money laundering rules has important implications for all trusts, and trustees need to be aware of their new obligations. A new Trusts Register Individuals and trusts are subject to stringent anti-money laundering laws. The EU’s...
