Share our passion for law and keep up to date
Two sisters have been ordered to pay their late father’s girlfriend almost a third of their inheritance payment, after she was deemed “a wife in all but name.” This is the latest story to cause families to reflect carefully on their particular circumstances and to take steps to protect the family and avoid emotional stress as well as avoiding large legal costs.
According to recent statistics, more than 98,500 people handled probate without the help of any professional services, such as legal or accountancy advice, last year – around 38% attempted to execute wills on their own. It led to an increase of around 35% of cases that end up in court because of disputes relating to wills and probate.
Last week we covered off some of the issues associated with Lasting Power of Attorney[http://www.downslaw.co.uk/stay-informed/legal-updates/keeping-lpas-child-s-play/] and what happens if family members take advantage. Not only does this often lead to financial difficulty for the vulnerable family member, but it can also cause a lot of heartache for other family members involved.
Following on from an earlier article on inheritance tax (IHT)[[sitetree_link id=846]], there was mention of a way to make provision for your children, without being involved in a long period of running a trust and incurring IHT charges including the costs associated in running a trust. The answer might be creating a Bare Trust.
A story in the news at the weekend highlighted an important point: how can you ensure you keep control of your finances, after you have legally signed them away?
On your death, everything you own that is part of your estate will be liable to 40% inheritance tax (IHT), which could cost your loved ones thousands of pounds. The only way to help reduce paying any IHT unnecessarily is to plan as effectively and as early as possible to ensure your family is protected – and your wishes are respected. Here are a few things to consider for your IHT plan.
We wrote an earlier blog[[sitetree_link id=900]]relating to research from the SFE, which revealed an incapacity crisis-causing gulf between those who planned for mental incapacity and those who didn’t. Despite a growing concern among individuals, and how their mental state may deteriorate, it seems that excuses for not getting their affairs in order are boiling down to a few common myths.
There is something of an unspoken topic in the headlines at the moment – that of mental incapacity and what we should do with respect to your wishes during future life.
You may have already heard of Universal Wealth Preservation but, if you haven’t, there’s plenty you can read about them in the headlines. However, the case has recently come to light again, as the company’s owners have been arrested in connection to a number of offenses – and families are wondering if they will ever see their hard-earned cash again.
A Will is on everyone’s ‘to do’ list. But do you know what would happen to your children if the worst were to happen? Here are 5 reasons why you should put a Will in place in order to protect your little ones:
Yes, it is an awkward topic, but there are many modern families that do not see eye to eye. Whilst it is easier to let bygones be bygones in the land of the living, what should you do if you need to discuss your family affairs in the event of your death?
It’s National Love Your Children Day on Saturday 7th April, which is a good time to reflect on how important our family is to us. In many legal scenarios, we often consider our nearest and dearest when it comes to protecting ourselves – and our children’s future. Lasting Power of Attorney is something that is difficult to consider, but, when it comes to allowing someone you trust, like your children, to take over your family affairs, it is an extremely important document.
To increase awareness of the role of the The Society for Trust and Estate Practitioners (STEP) and its members (TEPs), they have launched a new public facing website *www.advisingfamilies.org[http://www.advisingfamilies.org]. *The website explains what a TEP is, what they do and what benefits you can expect from using a TEP. STEP members are from a range of professions, including accountancy, banking, financial advice, law, tax advice and trust administration.
*Author: Zara Munday*
Author: Victoria Evans
If you do not have a valid Will the law sets out who gets your money, your property and all your personal effects. You would have no say over what happens to your assets when you die and this can cause difficulties for those you care about most; therefore, everyone should have a Will.