Well George did as was widely expected, increased Inheritance Tax (IHT) to £1 million threshold for married couples and civil partners. Let’s see what I got right and how it affects you. Firstly, none of this kicks in until April 2017. Got that date right! However, we don’t get the full £500,000 allowance until 2020 [...]
Well the well leaked rumour and gossip about George Osborne increasing inheritance Tax to £1 million in tomorrow’s budget is going to be great for virtually all of us. Right? Probably not. Currently a married couple (or civil partnership) have a maximum tax free allowance of £325,000 each or £650,000 as a couple. The expected [...]
If you have property outside of the EU then this is interesting but pretty much irrelevant … sorry. If you have a holiday or other assets within the EU then currently you have to have a Will in that Country. You also have to consider that other countries have rules which mean that you MUST give [...]
Wills are things that people take ages getting around to doing so why bother reviewing it? When Wills are written, a good Will Writer will do their best to future proof it. They do this for example by including any wedding plans or children even if they've not arrived yet. However, they’re not fortune tellers [...]
When a person dies without making a Will there is a legal “formula” which decides who gets what. Although I wasn't around at the time my understanding is that a number of Wills were collected and analysed to show what the “average” Will looked like. The 1925 Act was then written to reflect this “average” Will. That [...]
Well there are a number of options some of which are Don’t write one! Buy a “write your own Will Pack” Do an online “write your own Will” Use a solicitor Or a specialist Will Writer So let’s go through them so you can at least make an informed decision Don’t write one! Pros No [...]
If you have a really simple life, don’t own a property, not much money and want to leave all your stuff to your parents then you probably don’t need a will. That covers my teenage daughter but the rest of us? We need a will. The lives we lead today are not reflected in the [...]
