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Inheritance Tax Explained

How much inheritance tax do I have to pay?

Inheritance tax – plan wisely to save thousandsInheritance tax can run up to 40% of a bequest so it is worth spending some time making sure your estate doesn’t get reduced unnecessarily.Sensible inheritance tax planning can actually save people a considerable amount of money but you must think about this in good time and when you are making your Will.What estates won’t pay inheritance tax?Probably the best place to start is to identify who isn’t at risk of paying...

Inherited a car? What you should do next.

Inherited a car? What you should do next.One of the things that surprises people when someone passes on is the sheer amount of practicalities that have to be dealt with.One of the most common is what to do if you inherit a car.Hold on a moment…The executor will have to do a couple of things before you can take possession of a car.The first thing to confirm is that the vehicle is actually owned by the estate.The majority of...

What happens if a gift in my Will fails?

What happens if a gift in my Will fails?When we make a Will, we often think that our wishes will be carried out exactly as we expect but life is rarely straightforward and there can be circumstances where gift in a Will can fail.So, before you make your Will it is a good idea to think about the potential circumstances where your gifts could not work out the way you intended.No longer owning the giftThis is a pretty common...

The Tax benefits of giving to charity

The Tax benefits of giving to charityWhen people make a Will, they often think about leaving a bequest to their favourite charity but what you may not know is that there can be significant benefits to leaving money to charity in your Will.Leaving money to a UK charity in everyday life is, of course, tax-free and this exemption extends to any gift that is included in your WillHow inheritance tax is affected by charitable givingThere are two main ways...

Rules of intestacy

What happens if I die without a Will? Dying without a valid Will in place can mean that your estate passes to people whom you wouldn’t necessarily have chosen to leave it to. It can also have far-reaching effects on your family, their finances and the care of any children left behind. Rules of intestacy If you die without a Will then the rules of intestacy apply to everything you owned. These state that your spouse or civil partner, if you have...

Are you and your partner joint tenants or tenants in common?

What are the types of property ownership? There are three main types of property ownership, sole owner, joint tenants and tenants in common. Sole Ownership If a home is owned by only one person then it is registered as a sole owner. If there is only one owner on the property then that owner can create a will which will include a provision on who to gift the property to in the event of their death. Joint Tenants A jointly owned property is a...

Protecting your home from care costs

 We all get old. It's an unavoidable part of life - people age and can often develop illnesses that can be challenging to overcome. To deal with the fact that age can bring it with a selection of issues, a lot of people choose to go into care homes. The only problem with this course of action is that you’re going to find that care homes can cost a lot of money. Many find that they have to put their...

Calling all NHS employees!

Writing your Will this weekend was probably not high on your priority list, but if you're an NHS worker, it should be. That's because Smart Will is giving all NHS staff a huge 55% off their lifetime Will writing service this weekend only.Smart Will users can update their Will anytime, anywhere, for life on any iOS (iPhone) or Android device.With the 55% discount, NHS staff pay just £35 for individual Will, and £53 for a mirror Will (for couples)....

Thinking of gifting your house to your children?

Inheritance tax: Does gifting my house reduce it?If there is one thing that seems to be a common concern and annoyance to this setting up their will, it is the idea of their loved ones paying inheritance tax. Inheritance is a tax that has been created to be charged to those who are inheriting money or a property from someone in their will.The charge for inheritance tax is 40% and it applies to an estate that is worth more...

Using a trust to cut your Inheritance Tax

Using a trust to cut your Inheritance Tax We all hope that as long as we are alive, that we are able to manage our own money and our own property too. For many people this might be the case, however, for other people there comes a time when they are not able to manage their own finances and they need someone to take charge. This is where the idea of setting up a trust comes into play.But what is...