Changes being introduced by the government could prove costly for families who haven’t yet dealt with the estate of a family member who died recently. The issue arises because since 2007, surviving spouses have automatically inherited the unused inheritance tax allowances of their dead partner. This has led some people to delay applying for a
The High Court has allowed a family to correct an error in a trust fund that would have had costly tax implications. The case arose out of financial arrangements outlined in the will of a man who died in 2015. He bequeathed £4.2m to be held on trust for the benefit of his widow and
Most people over 60 are not taking the necessary action to protect the assets they leave to their children in their wills, according to new research. The risk is that if their children divorce, some of the assets they’ve inherited from their parents could go to their ex-partner. Research published in the Times newspaper shows
The High Court has settled a family dispute over who should inherit a house that had belonged to a man who died 17 years ago. The court heard that the man, a grandfather, had purchased the property in 1994 when he separated from his partner and wished to provide for her. He was then 73
More than six out of 10 people are unaware that will-writers who aren’t solicitors are unregulated and may have no insurance and very little experience. The Wills & Probate Consumer Research Report 2018 shows that only 37% of adults have made a will. It says the wills ‘take-up’ is skewed towards older age groups with
The Court of Protection has appointed a deputy to look after the interests of a woman who lacked capacity to manage her property and affairs. The woman was 71 and prior to becoming ill, had not set up a Lasting Power of Attorney, which would have enabled her to appoint someone in advance to look
Campaigners have introduced a bill into parliament to prevent gold-diggers exploiting the elderly and the vulnerable by marrying them for the sole purpose of inheriting their estates. Under the law as it stands, a person’s will is automatically invalidated when they marry. This means that unless they make another will, when they die they are
Charities say they could lose out on millions of pounds a year because of a huge rise in probate fees announced by the government. Probate is the process by which a person’s will is administered after their death. Currently there is a flat fee of £215, or £155 if a solicitor is involved. That is
People setting up Lasting Powers of Attorney (LPAs) to protect their interest in case they lose mental capacity in the future should be given as much scope as possible to outline their wishes. However, an instruction that their attorney – the person they appoint to look after interests – should help them in an assisted
Chancellor Philip Hammond surprised political commentators by producing what’s been described as a “giveaway budget” featuring tax cuts and increased public spending. While many people will welcome the increase in personal tax allowance and extra funds for services like the NHS, there was also some disappointment that there was no increase in inheritance tax allowances