Protecting your voice with a Lasting Power of Attorney, why Everyone Over 18 Should Consider Putting One in Place It’s a common misconception that Lasting Powers of Attorney (LPAs) are something to worry about only in later life. However, In reality, LPAs are just as important for younger adults — particularly in today’s world, where …
For most families, the subject of care doesn’t become real until it happens. A fall, a diagnosis, or a gradual decline in health can turn life upside down overnight — and the reality of care costs soon follows. Right now, the average cost of residential care in the UK is around £1,500 per week — …
Why doing nothing about Inheritance Tax could cost your family everything Let’s talk about Britain’s most resented tax — the one that hits after you’ve passed on, but somehow still manages to cause arguments among the living. This year alone, HMRC is set to collect over £8 billion in Inheritance Tax (IHT). Yes, billion — …
A trust provides families with the opportunity to make generational transfers of wealth, while preserving a degree of control and asset protection. When used in conjunction with assets that qualify for certain inheritance tax reliefs, they can be tax efficient and need not be associated with the complexity that many fear. In this article, we …
Millennials are now starting to inherit the biggest fortune ever to be reaped by a generation as their baby boomer parents die and they bank decades of house price growth. However, these inheritors can expect not only lump sums and family homes, but lawsuits and relationship-ending fallouts. Record numbers of wills are being contested, with …
Many people believe that if they put a will in place, that it will determine what happens to their estate after their death. Although this is the starting point, ultimately a person’s will can be changed after their death. Who can change a will? Beneficiaries and executors can make changes to a will after the …
Regardless of your age, it is crucial to have an up-to-date and professionally prepared Will and Estate Plan. This document ensures that your estate and assets are distributed according to your wishes after your passing. Furthermore, an updated Will and Estate Plan can help prevent disputes among family members and provide peace of mind for …
The rising cost of care is putting a strain on families trying to care for their loved ones. Saving money is already difficult, but families with elderly parents now face the burden of rapidly increasing social care costs. According to the Alzheimer’s Society, dementia care is financially overwhelming, costing families around £51,000 a year for …
A Lasting Power of Attorney (LPA) is a legal document which authorises a nominated person (or persons) to deal with your affairs if you are not able to. There are two types of LPA, one dealing with property and financial affairs and another for health and welfare. Often people fail to make an LPA because …
The Chancellor Rachel Reeves announced a series of reforms to the UK Inheritance Tax (IHT) regime as part of the Autumn Statement on 30th October 2024. Below, we provide a summary of those key changes. Freeze on IHT nil-rate band and residence nil-rate band It was announced that the freeze on the IHT nil-rate band …
