10 Reasons Why You Need to Make a Will
10 Reasons Why You Need to Make a Will Having a valid will is an essential part of being an adult of any age. There is no denying that we all eventually pass on at some point. However, as there is no guarantee that we will live into old age, a lot of people make a will early in life. Here are ten reasons why you should join the people who have a will, regardless of your age. If you would...
Can people with dementia make a Will?
When people are diagnosed with dementia, they often look to put their affairs in order and one of the things that is high on the list is making a Will. Just because someone has dementia doesn’t mean that they can’t make a Will. What matters is if the person concerned can understand what is happening and make their own decisions about the process. Do they have testamentary capacity? One of the key requirements of a valid Will is that the person making it...
Can I leave money to a charity in my Will?
If you have a favourite charity and you’d like to leave a bequest to them in your Will then the good news is that not only can you leave money to your chosen cause but it may even reduce your inheritance tax bill. Leaving money to a charity is simple and whether it is a small gift or a large bequest it can make a big difference to people’s lives in the future. How to leave a bequest to a charity For...
What is form IHT205?
Form IHT205 is a return that is made to HMRC to inform them of the value of an estate where it is below the excepted value or where all of the assets totalling less than £1m are passed to their spouse or a charity. The form is needed where there is no inheritance tax to pay but you still need to obtain a grant of probate and is completed by the executor or administrator of the estate. When can you use...
What is estate planning?
Estate planning is simply the process of putting in place measures to make sure that your assets go to the people you want them to after your death and to ensure that the people and organisations you care about are provided for and your assets are given to the people you want to benefit. You can also include methods of reducing inheritance taxes payable on death too with sensible use of one or two techniques. And for parents, practical estate planning...
What is UK inheritance tax?
Inheritance tax is a charge on the estate of a deceased person, often called colloquially ‘death duties’, they are paid on the value of the deceased’s estate. The estate can include money, personal possessions, property and anything else of value. In this post, we’ll take you through some of the main points to think about when looking at inheritance tax. If you would like to speak to a probate expert, call us free on 08001181