Talk Money Week: Talking to your family about your wishes for the future
Talk Money Week is designed to help us all speak about money, finances, Wills, inheritance, & Power of Attorney with our famiily. Read more.
Leaving a gift in your Will to charity
Leaving a gift in your Will to a UK charity is free of inheritance tax and can help make a difference with the work they do. Find out more.
Gifting and inheritance tax explained
As part of inheritance tax planning, or simply as part of passing on wealth to the next generation, you may consider gifting money or property to family or friends. However, there are several things you need to know about gifting and inheritance tax. In this article, we give a brief overview of gifting and inheritance tax, including who you can gift to, how much you can gift, and what it means if you continue to benefit from the gift. Giving away money or property to avoid inheritance tax One of…
Writing your will: 5 reasons you should use a solicitor
Writing a will is important, you have decided to do it finally and are considering doing it yourself. There are many templates and tools available online, along with vast amounts of information about the law and how to go about writing your own will. However, there are significant benefits to using a solicitor to write your will - not to mention the pitfalls of trying to do it yourself. In this article, we look at five reasons to use a solicitor to write your will. A solicitor knows what to…
What happens to debt after someone dies?
When someone you love has passed away, the last thing you might be thinking about is debt. However, there are many misconceptions about debt and inheritance, and it is essential to understand your position. Many people believe that when a person dies, the debt dies with them, but that is simply not the case. Similarly, it is a widely held belief that family members are personally responsible for paying debts, but this is not often true. In this post, we take a look at what happens to a person’s debts after they pass…
Wills and Lasting Powers of attorney – Is now a good time?
Coronavirus caused a lot of chaos and it has been a very turbulent time for us all. What is evidently clear is that everyone has been in the same situation and it is entirely natural to feel concerned about the impact on your family and your finances during difficult times. You can take control of the situation and put your future in your own hands by drawing up a Will and making Lasting Powers of Attorney, to ensure that you have peace of mind and have secured the future of…
Wills and Lasting Powers of attorney – Is now a good time?
Coronavirus caused a lot of chaos and it has been a very turbulent time for us all. What is evidently clear is that everyone has been in the same situation and it is entirely natural to feel concerned about the impact on your family and your finances during difficult times. You can take control of the situation and put your future in your own hands by drawing up a Will and making Lasting Powers of Attorney, to ensure that you have peace of mind and have secured the future of…
How a Lasting Power of Attorney can help someone with dementia
This blog looks at how a Lasting Power of Attorney can help if someone has dementia, and marks Dementia Action Week that runs from 17th - 23rd May 2021 and is a national event that sees the public coming together to take action to improve the lives of people affected by dementia. When a person receives a dementia diagnosis, this doesn’t automatically mean they cannot make important decisions. However, as their symptoms worsen, they may no longer be able to make decisions about their finances, health, or care. We refer to…
Cut future tax bills with unspent income from lockdown
Internet shopping may have boomed during lockdown, but many people have spent less than usual while forced to stay home, and those with spare money have an opportunity to make the most of inheritance tax reliefs on gifts to family and friends if they act swiftly. Giving away assets while you are alive can reduce the size of your estate for inheritance tax (IHT) purposes, and with IHT charged at 40 percent it’s worth doing a regular check on where you stand. Each person can pass on a maximum of…
Blog: Why is inheritance tax planning still important?
The inheritance tax threshold is frozen until 2026 – but why is inheritance tax planning still important? If you intend to leave savings, property or other assets to family or friends after you die, you need to consider inheritance tax (IHT). It could cost your heirs up to 40% of their inheritance. By planning ahead, you can minimise IHT and ensure as much of your estate as possible reaches your loved ones. Understanding the tax-free allowance The tax-free inheritance allowance, known as the nil-rate band, allows your beneficiaries to inherit…