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Wills, Intestacy and Probate

If your loved one does not leave a Will, then government rules dictate how their money, property or possessions will be distributed. This may not be what he or she wished.
 
Unmarried couples and partners who have not registered a civil partnership cannot inherit from each other unless they have a Will.
 
If a person dies and does not have surviving relatives who can inherit under the intestacy rules, then the estate passes to the Crown. The person may have had strong friendships or preferred charities whom might have benefited instead.
 
Most people put off making a Will. For example, Prince, the famous musician, died without leaving one. As a result, a bank is administering his estate which will be slow, expensive and impersonal. His relatives will not have a say in how the estate is administered, or worse, will perhaps enter into their own legal challenges.
 
According to the Citizens Advice Bureau statistics, 3,747 people contacted them in 2015 regarding their loved one’s estate because they had not left a Will. They required advice regarding administering the estate.
 
 
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Lasting Powers of Attorney

Just as Wills are important, so are Lasting Powers of Attorney.

They help your loved ones help you in your hour of need. There are two types, a Financial decisions Lasting Power of Attorney and a Health and Welfare decisions Lasting Power of Attorney. Your loved ones can use them, for example if you have an accident. This can happen to anyone at any stage in life. Other examples are if you suffer from a stroke, a heart attack or lose mental capacity because of an unforeseen reason. Do not neglect your affairs, have a Lasting Power of Attorney in place.

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Do I require a Will and if so what type

Your personal circumstances determine the kind of Will you need. If you have assets valued at £5000 or under, then you will probably require a simple Will.

If your assets are over £5000, your beneficiaries will require a Grant of Probate to administer your estate. For example, a bank will require that document before they can release the money to you. If you have a Will, the process may be simple because your Executors can administer your estate themselves. This means that your Will would enable them to find out your assets and pay any debts you have before distributing your estate.

If you are not married or in a civil partnership and you do not have a Will, your circumstances may require that you have a more in depth Will.

If, for example, your estate is more than £325,000, you might require a tax planning Will to ensure that your estate does not pay inheritance tax unnecessarily. You might also use a Will to protect a share of your assets from care fees if you are married and own your property jointly.

If you do not have a Will, the government states who gets your estate and in what order. If your relatives can not be traced, then your estate will go to the government.

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March Update

After taking into account the budget in March 2016, it is now more important than ever to ensure that your family is protected by having a Will. This is especially so if you are not married because inheritance tax may be payable on the first death.

When making a Will, ensure that you choose some one you trust to be your Executor. An Executor will administer your Will and distribute your estate.  If you have children, ensure that you remember to choose them as Executors when they become adults.

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February 2016 news

Living Wills

A tool has been created to help people control end-of-life decisions. My Living Will is an online tool that provides information about an advance decision and advance statement. It enables a person to create a personalised advance decision to refuse treatment.

Pensions

The Chancellor is expected to abolish the tiered system of tax relief which depends on a person’s income. It will be substituted with a single flat-rate system.

These changes will end the anomaly in the pensions system which benefits higher earners. Currently, if a basic rate taxpayer pays 80p to a pension, the government adds an extra 20p, which is equivalent to their 20% tax rate. Additional rate taxpayers, however, receive a 40–45% top up. Commentators believe a single rate of around 33% is more likely.

Inheritance Tax

HMRC has announced that it is now standard policy to impose severe penalties on recipients of potentially exempt transfers who do not declare the gift to the deceased’s personal representative. The penalties will be at least 50% of the unpaid tax.

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