Prior to October 2007, many people who made powers of attorney would have made Enduring Powers of Attorney (EPAs). From October 2007 EPAs were replaced by Lasting Powers of Attorney so it is no longer possible to make a new EPA. However, many existing EPAs will still be valid and may still be used by …
As part of the UK government’s implementation of the 5th EU Money Laundering Directive, almost all Trusts are now required to be registered with HMRC. Trust registration is nothing new. The Trust Registration Service (TRS) has been in operation since being introduced by the Fourth Money Laundering Directive (MLD4) in 2017, and before then certain …
Love is not in the heir – Online dating behind surge in over-65s remarrying The number of ‘silver splitters’ tying the knot after getting divorced early in life is at its highest in a decade, with dating sites and dating apps said to play a major part. Marriages among the over-65s have risen by the …
Estate planning for the next generation: Blended families and second marriages Modern families are changing beyond the traditional structure, with needs becoming ever more complex as structures change and families grow. One example of this is when people remarry, sometimes becoming what is known as a “blended family”. These issues can add complexity to estate …
Question: Can I get Inheritance Tax Relief? Answer: Yes – Education & Planning is the answer HM Revenue & Customs (HMRC) recently revealed that they had collected £5.5bn in Inheritance Tax (IHT) between April 2021 and February 2022. This shows that IHT has continued to “prove its worth to HMRC”, as quoted by Andrew Tully, …
Making a Will is a vital part of any estate planning exercise. Sharing wealth with family and other loved ones in the most tax-efficient way possible is a priority for most people. Their aim is to provide for partners and ensure that children are supported financially to achieve their goals, whether those include buying a …
It’s never easy, going through a divorce process can be extremely stressful for everyone. There are lots of areas to think about and one of these is likely to be what you should do to protect your hard-earned money. It is vital to have a suitably drafted up to date Will in place to ensure …
Usually, there can be up to £10,000 to £15,000 in the bank before Probate is needed but this isn’t always the case. All banks and building societies have different thresholds for releasing funds without a Grant of Probate. Depending on the size of the estate, banks will ask for a Grant of Probate before closing …
Traditionally the emphatic answer to this question was NO. But in recent years we have seen the increase in the number of long-term relationships where there is no marriage or civil partnership, coupled with an increasing number of divorces and second relationships all backed up by changes in the law that give increasing equality to …
In most cases, a family’s property will represent a significant proportion of their estate. However, problems could arise if the deceased had allowed a child to live in the property up until their death. While the child living in the property may want to continue to do so and may not have the means to …
