Private Client Archives - Page 5 of 5 - Bowling & Co Solicitors

Inheritance tax – could the rising value of houses push more ordinary people into the inheritance tax bracket?

The last thing you want to think about when you’re mourning the passing of a loved one is divvying up the estate (including the taxman’s cut). However, because of the rise in value of property in the UK, more people are finding that they fall into the inheritance tax bracket, and are getting hit with an inheritance tax bill they were not expecting. What is inheritance tax? It’s exactly what it says – a tax on the estate (including property, possessions and any money) of a deceased person. Thresholds are…

What does intestate mean for you?

April 24, 2018
Manal Fouad
Private Client

October 2014 saw the biggest changes in probate law’s history come into effect. While the overhaul meant no real difference to those with minimal assets, for the partners of those who died without making a will and who have more assets, it meant significant change. In the cases where a Will is involved, the deceased’s Executors have the legal power to distribute their estate according to the deceased’s instructions. However, in the case of intestacy, the landscape is vastly more complicated. Who can Inherit? Under the rules of Intestacy, only…

A quick guide to probate

November 9, 2017
Huseyin Youssouf
Private Client

Dealing with the death of a loved one is hard enough. However, there are still practical considerations to deal with, including making sure that the last wishes of the deceased are taken care of. If a person has written a Will then it will be up to the executor to make sure those wishes are carried out according to the specifications of the Will (as long as it is correctly completed in accordance with the law). To do this, an executor will need to obtain a Grant of Probate. This will let…

Where there’s a Will, there’s a way

September 5, 2017
Dinesh Raja
Private Client

When thinking of making a will, the idea of a Victorian lawyer taking down the last instructions at the bedside still springs to mind for many people. And the 19th century lawyer would find things pretty much as they were if they time travelled to 2017, but a major change to how people can say what should happen after their death is likely to happen soon. If the proposals from the Law Commission get the go ahead, the law is likely to catch up with technology, and in future we…

Applying for Probate

June 14, 2017
Manal Fouad
Private Client

Dealing with death is never an easy thing to do. However, it is important to have the essentials in place from the outset to ensure that the process of obtaining probate is as smooth as possible. Probate is the process of proving a Will by the executors who are identified in the Will and more specifically, gives the people who are dealing with the estate the authority to deal with the deceased person’s assets. Obtaining probate when there is a Will is by way of Grant of Probate, also commonly…

Disputing a Will can be a very costly exercise

March 27, 2017
Manal Fouad
Private Client

Record numbers of inheritance disputes are going through the courts as modern family structures and rising house prices push more families to contest unfavourable outcomes. One recent case has seen a family lose out after legal action involved two brothers who have run up fees of more than their entire inheritance by disputing a stepmother's share of their father’s estate. The trend towards increased inheritance disputes has been attributed to a number of factors. Increasing numbers of so-called ‘blended’ families where divorced parents re-marry is one such factor, with original family members…

Maximising your opportunities for inheritance tax reliefs

March 24, 2017
Manal Fouad
Private Client

As the end of the tax year approaches on 5th April, it's a good time to make sure you're maximising your opportunities for inheritance tax reliefs. This year, as well as taking advantage of exempt lifetime gifts and transfers, property owners should also look at how the new transferable residence nil rate band fits their profile. The Residential Property Nil Rate Band Under the new rules, when a person leaves a residential property to direct descendants there will be an additional nil-rate band for inheritance tax purposes – the transferable…

Animal charities win battle in fight over inheritance case

March 21, 2017
Manal Fouad
Private Client

A woman, who was cut out of her mother’s £500,000 will, has lost out to three animal charities at the Supreme Court in a landmark judgment this month. In 2004, Melita Jackson died and left most of her estate to three animal charities and completely cut her only child, daughter Helen Ilott, out of her will. Mrs Ilott was originally awarded £50,000 by a judge, which was almost tripled on appeal. The three charities challenged that increase, stating that people should be free to choose their beneficiaries, and the court…

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