A Guide to Inheritance Tax
When you die, you may want to leave specific assets to specific people, but having to pay Inheritance Tax may reduce the amount of your estate quite drastically. In 2021/22 a record total of £6.05bn was paid in Inheritance tax. This article will look into ways of estate planning; preventing the taxman from getting his […]
Can I transfer ownership or gift my house to avoid care home costs?
Successfully avoiding care home costs very much depends on individual circumstances, and many schemes and products claim to do just that. But often, these arrangements fail to deliver. Retaining access to your capital assets gives you choice and independence, and one of the main risks of transferring ownership into another’s name, even if they are […]
Gifting your family home, what are the risks involved?
Gifting your family home to your children can have its advantages: potentially mitigating inheritance tax being just one. But as with anything, there are also disadvantages too. What if your adult child gets divorced from their spouse, or dies? Perhaps they’re experiencing financial difficulties or later fall out with you. If you’ve gifted your home […]
How do the COVID-19 measures affect my estate planning?
Estate planning allows you to get ahead of your future and ensure all the appropriate documentation that divides your estate is in line with your wishes. Having a well-thought out plan will not only protect you should you lose mental capacity, but it will also support your family and causes close to your heart on […]
The function of a Power of Attorney in the coronavirus pandemic
Making decisions is part of everyday life; from where we go when we step out the front door to who comes to visit us in our homes. You rarely consider a time where these choices will be made for you, and yet, the measures implemented as a result of the coronavirus (COVID-19) crisis have left […]
The importance of sorting your Will in the times of coronavirus
According to the Law Society, the number of people looking to write new Wills in the UK has risen by at least 30 per cent following the outbreak of coronavirus. Nevertheless, the process of creating and amending Wills relies heavily on face-to-face interaction, which makes the government measures to stay at home and self-isolate more […]
Who can witness my Will with social distancing measures in place?
We as a nation have entered into uncharted territory as a result of the current coronavirus (COVID-19) pandemic. With our daily office trips and weekend activities stripped from our usual routine, we have been put in a state of unease about what we can and cannot do. Although there are not many things we can […]
What if You Don’t Have a Will?
In Scotland, the law tells us who will inherit your estate when you die without making a Will. This can give rise to your assets going to someone who you may not wish to benefit. There are quite a few misconceptions about this, including the wrong assumption that your spouse or civil partner will automatically […]