Wills & Powers of Attorney
You will be aware of the need to have a valid Will, however this is often overlooked as is the need to regularly update the Will to ensure it continues to reflect your circumstances and wishes.
On death without a valid Will assets will be distributed in accordance with the laws of intestacy; contrary to popular belief this does not mean that all assets will pass to your spouse or partner if you are married or in a civil partnership. Holding a valid Will is the only way to ensure your assets are passed on as you would wish.
A Power of Attorney should also be considered to enable your affairs to be managed if in time you lack the capacity to do so yourself.
Further information about IHT & Estate Planning:
Inheritance TaxNews & Case Studies
Will you make provision for all those you hold dear?Posted in Fiducia News, Financial Advice (+1 more), on 08.03.18 Read Getting your affairs in order and planning what you want to pass on to loved ones Writing a will may seem daunting, and with everything else we should be thinking about it becomes just another chore on the to-do list. It’s especially important for cohabitating couples to have a will, as the surviving partner does not automatically inherit any estate or possessions left behind.
Inheritance Tax- The Residence Nil Rate Band (RNRB)Posted in Inheritance Tax, Discounted Gifts (+2 more), on 26.10.17 Read
The 2015 Summer budget announced the introduction of the residence nil rate band for inheritance tax. This measure introduces an additional nil-rate band when a residence is passed on death to a direct descendant. This is in addition to the standard Inheritance Tax Nil Rate Band (NRB) of £325,000 per person and is designed to give a married couple a combined IHT free amount of £1m on death from 6th April 2020.
This will be:£100,000 in 2017 to 2018 £125,000 in 2018 to 2019 £150,000...