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Asset Valuation Problems - Chattels
When dealing with an estate, an increasing problem for executors is the valuation of assets in the form of the chattels of the deceased. In probate terminology, chattels are the ‘everyday’ assets such as furniture and ordinary possessions, as... -
Avoiding Inheritance Tax with Discounted Gift Schemes
Inheritance tax (IHT) is payable at 40 per cent on the net value of a person’s estate above (2008/9 rates) £312,000 (the current nil rate band). It affects an increasing number of people owing to the rise in house prices in recent years. One... -
CGT and Shares in Estates Valuation Trap
In the UK, there are quite generous exemptions from Inheritance Tax (IHT) which apply to business assets. One problem with making use of such exemptions is the effect this may have on the subsequent value of the relevant assets for Capital Gains Tax (CGT)... -
Changing Wills For Benefit
A will expresses the final wishes of the deceased person and it is commonly thought that a will is irrevocable after death. However, provided everyone agrees, it is normally possible to vary a will provided that the application is made within two years of... -
Charity Donations Through the Tax Return
From 2003-4 Self-Assessment Tax Returns have included a facility to enable individuals to donate some or all of any tax repayment to a chosen charity. Participating charities have signed up with the Inland Revenue and been allocated a unique code, which is... -
Cohabitees and Death - Who Can Claim?
When one member of a cohabiting couple dies, it can come as an unpleasant surprise to the bereaved partner to discover that not all of their late partner’s estate will pass to them in the absence of a will. It is only when this happens that many people... -
Estates - What Happens if Values Fall
One of the biggest problems now facing executors is that as the recession progresses, most assets, other than cash, are falling in value, which can mean that the value of an estate for Inheritance Tax (IHT) purposes is greater than the market value later on.... -
Helping Your Executors
Being an executor is a demanding job at the best of times and a task that is made all the more difficult when the deceased has not given proper thought to the problems their executors will face. Here are some of the things you can do to make sure your... -
How do I Leave Money to Charity in My Will?
It's easy to include a charity in your will, but you should always consult a professional such as a solicitor or financial adviser to be sure your will reflects your exact intentions and you understand tax implications. Remember A Charity has produced a... -
Lasting Powers of Attorney
There was a fundamental change on the way in the way powers of attorney are created and the powers that they can give attorneys. which was introduced in October 2007, when the Enduring Power of Attorney (EPA) was replaced by the Lasting... -
Mental Capacity Code of Practice
In April 2007 the Department of Health introduced a new Mental Capacity Advocate service. At the same time, a new code of practice was introduced which makes it clear that the ill-treatment or neglect of a person lacking mental capacity is a criminal... -
Mental Capacity - The Law
Mental capacity has always been something of a problem area of the law. The aim of the Mental Capacity Act 2005 , which became fully operational in October 2007, is to put the administration of the various areas of law in which mental capacity is in point... -
Statutory Wills
It is a source of concern to lawyers and families alike that the majority of people never make a will. Often, the intention to make a will is there, but somehow the person never seems to ‘get around to it’ and dies or becomes incapable before a... -
The Public Guardianship Office - Helping Those Who Cannot Help Themselves
With increased life expectancy, it is becoming increasingly common for people to cease, at some point, to be able to manage their own affairs. The need to protect those who cannot protect themselves has never been greater. For example, do you know how you... -
The Unclaimed Assets Register
Many people have assets which they have forgotten about – old bank accounts, shares or premium bonds for example. If you think you or a relative may have lost track of some of their assets a search of the register (which costs £18) may be... -
Varying Wills After Death
It is widely thought that a will can be changed after the death of the person who made it (the testator). Although this can be the practical effect of arrangements between beneficiaries, technically post-death variations do not in fact vary the will... -
What Happens on Intestacy? New Limits
The levels of statutory legacy (the amount that surviving spouses or civil partners are allowed to inherit if their spouse/civil partner dies without leaving a will) were increased from 1 February 2009, according to an announcement by the Ministry of... -
What is a Spouse?
Under the Housing Act (S17) a spouse or civil partner has the right to succeed, in most circumstances, to an assured tenancy where he or she was cohabiting with the deceased immediately before the death. Whilst that is all reasonably clear, the... -
What is a Trust Fund?
A trust comes into effect when a ‘settlor’ places money, land or other assets in the hands of trustees. The trustees are the legal owners of the property but are obliged to hold and manage the property for the benefit of a person or a group of... -
Who Decides Your Final Resting Place?
One of the most common statements of wish in a will is a statement outlining how one’s remains should be dealt with. Many people think such a wish is part of the will per se and is binding on the executor, but this is not strictly the case. In law,... -
Who is Under the Influence?
The law recognises that some people (such as solicitors or accountants) have a high degree of influence over other people (their clients), since clients hire their professional advisers for the specific purpose of giving advice. However, it is not normally...
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