Trusts & Probate
Inquiry calls for change in probate service crisis
Analysis of Ministry of Justice data shows that there has been a 65% increase in probate cases taking a year or longer to clear. These delays are continuing to cause significant emotional distress and financial losses for families who are already going through an incredibly difficult time in their ....
Continue reading Inquiry calls for change in probate serv....
Anne Robinson provides a lesson in estate planning
The news that Anne Robinson has given away her £50 million fortune to avoid paying inheritance tax has recently caused a splash around the media. But can gifting your fortune really keep the taxman away? And what does the story tell us about the importance of estate planning? Inheritance....
Continue reading Anne Robinson provides a lesson in estat....
Executor of will vs power of attorney – what’s the difference?
In the world of estate planning, there are two legal roles that often get confused: executor and attorney. The former is responsible for carrying out the wishes of a deceased person as per their Will, whilst the latter is responsible for looking after a person’s money and welfare while they ar....
Continue reading Executor of will vs power of attorney â€....
This story is exactly why you need a professional trustee
was placed into a trust until they reached the age of 25. The bequest was supposed to give them a head-start in life, to help them onto the property ladder or pay for their education. But when one of the Thomas sisters asked to access the money early in order to purchase a property with her boyfrie....
Continue reading This story is exactly why you need a pro....
Probate registry delay complaints continue to mount
For several years now (i.e., since the pandemic), the probate process has been fraught with severe delays, leading to increased financial hardship and even cancelled house sales for thousands of families. According to official figures, waiting times almost doubled between April 2022 and April 2023,....
Continue reading Probate registry delay complaints contin....
How to stay on the right side of IHT
Inheritance Tax (IHT) – the British public’s most hated tax – is levied on the value of a deceased person’s estate. From April 2022 to December 2022, the amount raised by IHT was £5.3 billion, £700 million higher than a year previously. As the frozen threshold forces more and more people ....
Continue reading How to stay on the right side of IHT....
Trustees – don’t miss your trust registration deadline
In 2017, the Trust Registration Service (TRS) was established to register trusts for both tax and Anti-Money Laundering (AML) purposes. At first, trusts only needed to be registered if they were liable to pay tax – for example, Capital Gains Tax, Stamp Duty Land Tax, Income Tax or any other kind ....
Continue reading Trustees – don’t miss your trust reg....
Lifetime gifting and the ‘presumption against double portions’
The rules around inheritance are highly complex, as many of those who have had to go through probate or deal with Inheritance Tax issues know all too well. Because so few people fully understand them, however, they may risk unintentionally jeopardising the inheritance they leave behind for their be....
Continue reading Lifetime gifting and the ‘presumption ....
How trusts can help blended families plan and pass on their wealth
Families brought together by new relationships can face a range of unique stresses and strains when it comes to dealing with their wealth. If, for instance, a parent has children with more than one partner, then the difficulties of managing their finances can multiply, sometimes giving rise to rela....
Continue reading How trusts can help blended families pla....
Lasting Power of Attorney – making the right choices for your future
Last summer retired judge Denzil Lush caused consternation amongst many people and much publicity by saying that he had concerns about the creation of a Lasting Power of Attorney (LPA). His view was that LPAs could be open to abuse. He preferred the alternative of Deputyship, a process that requires....
Continue reading Lasting Power of Attorney – making the....
Ashes to ashes… and where you can scatter them
While many of us grew up thinking of burial as the way in which we say farewell to the deceased, statistics from the Cremation Society of Great Britain show that around 75 per cent of people are now choosing cremation rather than burial. Deciding what to do with the ashes In the 1970s, onl....
Continue reading Ashes to ashes… and where you can scat....
The Skripal case – unravelling the unusual and challenging mental capacity issues
Over recent weeks, the twists and turns in this high-profile case have made daily media headlines. The events that unfolded on a bench in a park in Salisbury rapidly became first a national and then an international political issue, as Colonel Sergei Skripal and his daughter, Yulia, were hospitalise....
Continue reading The Skripal case – unravelling the unu....
Six lesser-known ways to reduce Inheritance Tax you may not have considered, but really should
Inheritance Tax (IHT) is one of the most controversial taxes in the UK, so it’s little wonder that families are looking for ways to reduce the likely bill. So, if you’ve used up your annual exemptions, made gifts to individuals, given money to the bride or groom, plan to outlive your lifetime....
Continue reading Six lesser-known ways to reduce Inherita....
Declarations of Trust: What are they and when should you be making them
Declarations of Trust are legally binding documents that are used to set out the interests of parties where property is owned by more than one person. A Declaration of Trust can for example be entered into by couples purchasing their first home, when a partner moves into an existing home, or when pr....
Continue reading Declarations of Trust: What are they and....
Does my Lasting Power of Attorney mean my wife can step in and run my business if I’m not up to it?
The simple answer to this is yes, your Lasting Power of Attorney (LPA) could allow your wife to run your business if you were unable to do so, but there are a number of factors you should consider, and it might be the best course of action for you to take out a specific LPA to safeguard your busines....
Continue reading Does my Lasting Power of Attorney mean m....
I’m worried that my house will have to be sold to pay for my care, can I transfer it to my children to avoid this?
Many people are concerned that they may have to sell their home to meet the cost of their care in later life, and often consider giving assets away so that they meet their local authority criteria and have their care costs paid for. However, it’s not that simple. The Care Needs Assessme....
Continue reading I’m worried that my house will have to....
My aunt died and left everything to me in her Will, so why are the bank asking for probate?
It's good news that your aunt took the important step of making a Will, as this makes the administration of the estate much more straightforward. In making her Will, your aunt will have appointed someone to act as her Executor. There may be more than one Executor, and they will be named in the Will.....
Continue reading My aunt died and left everything to me i....
If I lost mental capacity, could my husband just deal with everything on my behalf?
This is a question that we often get asked. Many people automatically assume that if there came a time when they lacked mental capacity, then their husband, family member or friend could simply step in and act on their behalf. However, this isn’t the case. By 2021, the Alzheimer’s Society pre....
Continue reading If I lost mental capacity, could my husb....
