In this article we discuss Inheritance Tax and the impact on an estate.
Inheritance Tax (IHT) is a tax charged on an estate when someone dies.
We take a dive into the allowances and exemptions available and when it will be paid.
The role of executors is to deal with the administration of an estate. This can be overwhelming for the people appointed as they may not taken on this role before and they have to get to grips with someone else’s affairs at a time when they are also grieving the loss of a loved one.
We recently came across the case of a 27 year old with no health concerns who is more prepared for death than most in later life. She has planned her funeral and decided what she would like to happen to her belongings and set up a digital account to share all her personal and financial information with her family.
How Lasting Power of Attorney can be useful for shielded people in isolation…
Shielding is a measure used to protect extremely vulnerable people from coming into contact with coronavirus by minimising all interaction. They are strongly advised to stay at home at all times and avoid any face-to-face contact for a period of at least 12 weeks. Anyone who is extremely vulnerable should not leave their homes and, within their homes, should minimise all non-essential contact with other members of their household.
In these uncertain times, with advice changing on a daily basis, we have been approached by a number of clients who are concerned that they have either began to provide Will instructions to this firm, or they would like to consider their Will instructions at this time but they are not able to get out and about.
“I am married, and my spouse will get everything so I don’t need to make a Will” is something that we hear quite often. The reality is however that this is not necessarily true.