When dealing with an estate, an increasing problem for executors is the valuation of assets in the form of the chattels of the deceased. In probate terminology, chattels are the ‘everyday’ assets such as furniture and ordinary possessions, as...
Inheritance tax (IHT) is payable at 40 per cent on the net value of a person’s estate above (2008/9 rates) £312,000 (the current nil rate band). It affects an increasing number of people owing to the rise in house prices in recent years. One...
In the UK, there are quite generous exemptions from Inheritance Tax (IHT) which apply to business assets. One problem with making use of such exemptions is the effect this may have on the subsequent value of the relevant assets for Capital Gains Tax (CGT)...
A will expresses the final wishes of the deceased person and it is commonly thought that a will is irrevocable after death. However, provided everyone agrees, it is normally possible to vary a will provided that the application is made within two years of...
From 2003-4 Self-Assessment Tax Returns have included a facility to enable individuals to donate some or all of any tax repayment to a chosen charity.
Participating charities have signed up with the Inland Revenue and been allocated a...
When one member of a cohabiting couple dies, it can come as an unpleasant surprise to the bereaved partner to discover that not all of their late partner’s estate will pass to them in the absence of a will. It is only when this happens that many people...
Being an executor is a demanding job at the best of times and a task that is made all the more difficult when the deceased has not given proper thought to the problems their executors will face.
Here are some of the things you can do to...
It's easy to include a charity in your will, but you should always consult a professional such as a solicitor or financial adviser to be sure your will reflects your exact intentions and you understand tax implications.
Remember A...
Despite the changes being brought about by the Civil Partnership Act 2004 which introduced the 'civil partnership' for gay couples, the increasingly common situation whereby partners live together without a formal relationship continues to produce arguments...
There was a fundamental change on the way in the way powers of attorney are created and the powers that they can give attorneys. which was introduced in October 2007, when the Enduring Power of Attorney (EPA) was replaced by...
In April 2007 the Department of Health introduced a new Mental Capacity Advocate service. At the same time, a new code of practice was introduced which makes it clear that the ill-treatment or neglect of a person lacking mental capacity is a...
The Department of Health has introduced a new Mental Capacity Advocate service. At the same time, a new code of practice was introduced which makes it clear that the ill-treatment or neglect of a person lacking mental capacity is...
