20.02.18

Research suggests 70% of individuals ‘unaware of inheritance tax nil-rate band’

Research carried out by Canada Life has suggested that a significant amount of individuals ‘do not know the threshold’ for the standard inheritance tax (IHT) nil-rate band. Canada Life found that 70% of those surveyed did not know the standard … Find out more »

15.02.18

Chancellor commissions OTS to review inheritance tax rules

Chancellor Philip Hammond has commissioned the Office of Tax Simplification (OTS) to review the UK’s inheritance tax (IHT) regime, and outline ways in which the tax can be simplified. In a letter to Angela Knight, Chair of the OTS, and … Find out more »

Will Writing Service

A crucial element of planning for an individual is the preparation of a Will, properly drafted to ensure that the assets owned at death are distributed among his family and dependants and other beneficiaries in a tax-efficient manner. At the Probate Practice we can handle this process for you and your family.

A Will needs to be correctly drafted and regularly reviewed. The importance of this is two-fold. Firstly, it ensures that assets pass exactly as intended. If there is no Will, then statutory provisions, commonly known as the Intestacy Rules, will apply.This may result in assets being passed to unintended beneficiaries.

Conversely, intended beneficiaries may not inherit – unmarried couples are especially vulnerable. Additionally, children would be entitled to inherit at age 18 years, often considered too young by many parents. In some cases, the absence of a Will may result in unnecessary Inheritance Tax becoming payable.

Secondly, the existence of a Will simplifies the administration of the estate, thereby saving time and expense. It also enables a person to choose suitable competent executors to deal with their affairs following death. Importantly, parents of minor children can determine their choice of Guardians, rather than allowing a Court to decide who should be appointed.

No one likes to think about their own mortality, but making a Will ensures your family won’t have to deal with the consequences of you not leaving clear instructions and ensures that they won’t have to spend months sorting out a complicated financial and legal situation when you die.

Please contact us for more information about our will writing service.