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You will recall that Roger Lloyd-Pack (Trigger from Only Fools and Horses) sadly passed away in January last year, leaving an estimated £1.4 million estate. Continue reading “Only Fools (and Horses) don’t have Wills – Dying without a will”
Category: Wills and Probate
Deathbed Wills – Preparing a Will when time is short.
Sometimes people can find themselves in a situation where they are suddenly taken very ill unexpectedly, and they may not have a Will in place to dispose of their assets after their death. Continue reading “Deathbed Wills – Preparing a Will when time is short.”
The Budget 2015 – Inheritance Tax Changes
Budget 2015 – Inheritance Tax Changes
So, the Chancellor has now delivered his seventh Budget and one of the main announcements made was that the Inheritance Tax nil-rate band (the amount you are allowed to leave on death before being taxed) will be increased (and you may be thinking ‘about time!’). Continue reading “The Budget 2015 – Inheritance Tax Changes”
Inheritance Tax – How to make the most of leaving wealth
Many people are of the view that they spend many years accumulating their wealth so why should they pay tax on it when they die?
However that is often the case with the basic rule being the part of any net estate over £325,000 is subject to tax at 40%. Given the continued increase in house prices in recent years this covers more and more estates. The £325,000 limit used to rise on a regular basis each tax year but unfortunately has not done so since the last election. Some easy options to reduce the effects of the tax are as follows:
1. Give as much away as possible! If you do not need the money in your lifetime and were going to give it to someone anyway then if you give away a large amount at least 7 years before death then no tax is payable will be payable on that amount.
2. Certain gifts are exempt in any event – up to £3,000 in any one tax year, usual Christmas/birthday gifts and certain gifts to family on marriage
3. Charitable gifts – these reduce the net tax payable on your estate. If you give more that 10% of your net estate to charity the rate reduces to 36% and any charitable gifts are tax free so reduce the overall tax payable
4. Be aware of “Unused spouse threshold”. In the event that your spouse predeceased you and did not use his/her full allowance it may be possible to substantially reduce the tax payable by transferring the allowance to the second spouse to die. In a recent case a lady had died having been pre-deceased by her husband in 1975. Having transferred his possible allowance the tax on the lady’s net estate was reduced to nil.
5. There are also various specialist allowances for farms and businesses and we would be happy to discuss these with you.
For further help and assistance please call 01753 486 777 to arrange an appointment.
Helen Barnard, Senior Solicitor
No riches for the kids
Recently, singer Sting has made headlines by claiming he will not be leaving any of his vast wealth to his children. When planning ahead, many individuals choose not to leave their wealth to their offspring. This decision can be for a variety of reasons, for example personal disputes, their children’s own thriving financial status or merely a change in priorities. There are various ways in which to limit the amount of inheritance a child can receive through the creation of a trust, which in essence works to benefit individuals without providing them with an absolute right to the funds.
Interest in possession trusts
Interest in possession trusts provide for individuals for only a set period of time. An individual can create an interest in possession trust that allows their child to have access to the income of the trust but also provides instructions as to disposal of the actual funds. For example they could choose to make their children the ‘life tenants’ – entitled to the income of the trust – and their grandchildren, or other individuals, the ‘remaindermen’ – entitled to the trust capital.
Discretionary trusts
Discretionary trusts are different to interest in possession trusts in that they provide trustees with greater power to allow children certain capital as and when they think fit. The trustees will be able to judge what portion of the funds they wish to pay, to which beneficiary and how frequently. Discretionary trusts are best used when the trustees can be trusted implicitly to judge when to pay the beneficiaries.
While these may be the best methods to restrict the amount of inheritance a child receives after the passing of their parents, children may still be able claim that they have not been reasonably provided for, under the Inheritance (Provision for Family and Dependants) Act 1975.
Our friendly team at Aston Bond can assist clients across England and Wales with wills and probate. For more information please call us on 01753 486 777 or email info@astonbond.co.uk. Alternatively, you can visit our new offices at 7 Windsor Road, Slough, Berkshire, SL1 2DX.
Amarjit Awal- Litigation Paralegal
How to Choose Your Will Writer
A will is one of the most important documents in your life; it holds the key to your assets when you pass away and allow your family to grieve without the worry of your assets. However, despite the fundamental importance of a will, as the provision of will writing is un-regulated, there are a number of un-qualified will writers providing incompetent advice.
However, following a few simply steps and precautions you can ensure that you receive proper legal advice in order that your family members will receive your assets in accordance with your intentions and be protected when you pass on.
Always Use a Regulated Firm
Using a will writer without a regulatory body means that at any point the firm may mistreat you and you may have no option but to accept it. By using a firm which is regulated by a national body you are protected on two levels. For example, firms which are regulated by the SRA are closely monitored on how they deal with wills. Furthermore, if a firm closes for a number of reasons the SRA will take over control of your will and ensure its safety for the future. However, you must remember that there is no current regulatory body monitoring just wills.
Ask for Qualifications
While will writing does not require any official qualification, it is still wise to request some details on experience etc. A solicitor who is experienced with both tax law, property law and probate law is a safe bet in most cases. You should also ensure that the will writer has experience with inheritance tax, and trusts. However, experience may not always assure a reliable will writer. This is why it is always good to ask family and friends for recommendations regarding will writers they have used and their experience with them.
Check you Have Protection if They Make a Mistake
Ensure that the will writer has professional indemnity insurance to cover any financial losses you or your loved ones may suffer in the event of negligence.
One final tip is a fairly obvious yet optional one. We would highly recommend using a solicitor. This is because solicitors must have professional indemnity insurance.
Check tax consequences of your will
Always consider and seek legal tax advice regarding tax consequences of terms of your will. Any inheritance planning should be considered well ahead in order to obtain relevant tax benefits.
Read the Final Will!
The final precaution is vital. Always read the will and check it for any mistakes or concerns before you sign. In any legal document your wishes are the most important aspect; especially in wills. Be sure that there are no mistakes which may affect you or family members later and if you believe there is a mistake then always bring it up before signing any documents.
If you follow the steps above then you should have a clean and fully legal will written up for you. However, if you have any further questions regarding will drafting then please contact our solicitors.
Tulin Kiranoglu, Solicitor & Tax Advisor
Aston Bond’s will writers in Slough can assist clients across England and Wales with wills and probate. For more information please call us on 01753 486 777 or emailing info@astonbond.co.uk. Alternatively, you can visit our offices at 135 High Street, Slough, Berkshire, SL1 1DN.
Inheritance Law
Aston Bond Solicitors provides valuable services to English and Turkish clients regarding their estates situated in Turkey and in the UK. Our services include drafting wills, obtaining probate, dealing with distributions of estates between beneficiaries, and any other cases which might arise between beneficiaries and/or beneficiaries and executors. Aston Bond also advises many predominant Turkish law firms for their clients who have estates in the UK and vice versa.
Tulin Kiranoglu, Solicitor & Tax Advisor
Beware of unqualified will writers!
There are many people advertising and drafting wills who are regretfully unqualified to do so. This is one section of our work where there is no statutory regulation, so whilst it may be unlawful for someone unqualified to offer conveyancing services, anyone can advertise to draft wills or powers or attorney. So beware of unqualified will writers!
01753 486777