You can now leave more to your children and grandchildren

Posted on 15th April 2019

We all want to leave something behind for our children and grandchildren.

Parents and grandparents can now leave property worth up to £950,000 to their direct descendants, free of inheritance tax (IHT), thanks to changes in the residence nil-rate band (RNRB), which came into effect on 6 April.

Are there risks if I help my children to buy a home?

Posted on 26th March 2019

The answer could be ‘yes’.

Many people are unaware that local Councils can investigate your finances if they think your cash and other assets have been deliberately reduced to avoid paying for your care.

The average cost of a care home in 2017 to18 was £750 a week. With the average length of a stay being around 30 months, a typical bill could be £90,000.

If Councils believe that someone has deliberately given away assets to avoid paying for their care, they can use ‘deliberate deprivation of assets’ rules to claw back the cost of care.

Why do only 14% of British people have Lasting Power of Attorney in place?

Posted on 24th March 2019

New research from Direct Line Life Insurance found that only 14 % of people in Britain have set up a Lasting Power of Attorney (LPA).

Why? Many people incorrectly believe that their family can make medical decisions for them if they’re unable to make decisions for themselves due to illness, accident or injury.

Changes to probate fees are a step closer

Posted on 24th February 2019

Plans to increase probate fees for some to £6,000 have been approved this month, following the most recent meeting of the government committee that was set up to debate the issue.

The Committee members voted by nine votes to eight to approve a statutory instrument (SI) to replace the current flat fee with a sliding scale of charges, based on the value of an estate.

Things you should know about providing for your children

Posted on 19th February 2019

The nine-year-old who got nothing – the parents of a young child divorced, and both later remarried. Just a year after remarrying, the mother died, leaving her nine-year-old child behind.

Of course, losing a young woman in her forties was a shock for all the family. However, what hadn’t been realised is that marriage cancels existing wills.

Strictly, the mother’s new husband could claim her entire estate, and he did. Although attempts were made to secure some of the mother’s estate for the child, they were unsuccessful. The child grew up to be a lawyer, but never forgot the impact this experience had on her.

Providing for your young children in your Will

Posted on 22nd January 2019

More than half of the UK’s parents don’t have a valid Will; either they don’t have one at all or it’s out of date.

Why is having a valid Will important for parents?

If your children are under 18 you can name guardians and say what you want to happen to them if you die. If you don’t do this, the family courts might have to decide what happens to them.

If you aren’t married to your children’s other parent, or you have a civil partnership, they won’t be entitled to anything when you die, unless you have included them in your Will. If you have any step-children, they won’t inherit anything either unless they are provided for in your will.

Dealing with probate

Posted on 18th January 2019

When someone dies the process of releasing their assets is called probate*. This must be completed before beneficiaries can receive their share of the estate.

The exception is when all the property is jointly-owned and money passes to a spouse or civil partner.

If you are dealing with probate for the first time this can all be quite daunting, so here are some things you might want to know.

When is a deputyship order needed?

Posted on 19th December 2018

There are two types of lasting power of attorney (LPA); one for your property and financial affairs, and one for your health and welfare.

You can only put LPAs in place if you have capacity to appoint your attorney(s).

If you haven’t put LPAs in place and lose capacity to make these decisions, then someone will need to apply to the Court of Protection for a deputyship order.

This will allow them to manage your affairs, but you won’t be able to say who you want the Court to appoint.

Weird wills

Posted on 30th November 2018

Writing a will is important and should be taken seriously, but from time to time people have taken the opportunity to make some unusual requests. Here are a few examples of some strange requests made in wills.

Are you the parent of a disabled child?

Posted on 20th November 2018

You won’t have the right to make decisions on your child’s behalf once he or she reaches the age of 18.

If you are the parent of a child with a condition such as Asperger’s or Autism, for example, you will certainly be proud of all the things they can manage for themselves when they become an adult. However, there will probably also be things that they find very challenging, such as dealing with money or talking to medical professionals.