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 »

Probate Awareness Survey

We recently commissioned a survey of the general public on all things Wills and Probate related.

The aim of this was to better understand people’s current opinions, knowledge and personal situation with regard to Wills and Probate so we could improve our service to our clients at what is a very difficult time.

On top of this the majority of peoples’ experience of Wills and Probate comes down to inheritance tax and inherited items, so our survey aims to explore this further to find out what items have been inherited, what items people would like to inherit and more interestingly, what they would not like to be bequeathed!

The survey is split by age groups, gender and geographical location leading to some very insightful results.

Probate survey insights

60% of people do not have a will, with a shocking 89% of 16-29 year olds falling into this category , you are also more likely to have a will if you live in the South East and least likely if you live in the North East and Yorkshire. Here at the Probate Practice we offer a very competitive Will writing and also Lasting powers of Attorney service.

76% have never had to go through the process of probate, with more Men (28%) than Women (19%) having been through the process. The Probate Practice are adept at guiding relatives through this process, from the many online guides we have an “immediate steps in the event of death’, ‘Information required for estate administration’ to our ‘Glossary of probate terms’ and ‘FAQ’ (probate).

94% are not aware of changes coming in April 2014 that will allow Accountants such as the Probate Practice to conduct the entire process of Probate. As Accountants we are far better placed to understand the complexities of inheritance tax and estate liability, for more info see our ‘Why use The Probate Practice?

Lastly 41% of you would not want to inherit a relative’s pet, closely followed by their furniture at 40%. Perhaps not surprisingly ‘Money’ at 85% came top of the list of items people most wanted to be left. The Probate Practice can not only handle your Will Writing, but advise on the possible liabilities due to our association with our parent company Nyman Libson Paul to ensure everything you bequeath to your loved ones is done so in the most tax efficient manner.

Download the full results of our Probate Awareness Survey or contact us or for more information