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Inheritance Tax Update 2015

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Death and Taxes

With the General Election just around the corner and the various parties election campaigns now in full swing, one of the topics that keeps cropping up is that of Inheritance Tax and proposed changes to it.

Currently Inheritance Tax is charged on a persons estate at the rate of 40% on anything above the personal exemption threshold of £325,000.

Choosing Executors For Your Will

Wills FAQ Book

Appointing Executors

One of the first things that needs to be decided when making a Will is who you would like to appoint as your Executors.

Executors are the people you choose to carry out the wishes you have for the distribution of your estate, once you die.

Depending on the size of your estate there will be a number of duties that your Executors are required to carry out in order to legally fulfill their obligations.

Types of Power of Attorney

Wills FAQ Book
A Power of Attorney is a legal document created by an individual (Donor) which grants authority to another person (An Attorney) to take care of some or all aspects of their financial affairs and other matters.

There are various types of Powers of Attorney, the purpose of this article is to explain the different types of Power of Attorney in more detail.

Pitfalls of Not Having a Will

 Coffin Question MarkCurrently somewhere in the region of 70% of people in the UK have yet to make a Will.

Its likely that a large proportion of these have at some stage given some thought to Will Writing and then put it to the back of there minds, often feeling that the process of making a Will is both lengthy and complicated.

How to Leave a Legacy in Your Will

Wills FAQ Book

Today we are pleased to welcome guest contributor Drew Davies from Unicef UK, who talks to us about how to leave a legacy to charity in your Will:

If you've been putting off making a Will, you’re in good company. Most people in the UK are busy doing the same, with only 36% of us having written our Wills in 2014, according to the Law Society.

Intestacy Rules 2015 Flowchart

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On the 1st of October 2014 the Inheritance and Trustees Powers Act 2014 came into force which included making some changes to the Intestacy Rules of England & Wales,

If you die without making a Will, then your estate will be distributed subject to these Rules of Intestacy.

The Rules of Intestacy do not necessarily distribute assets in the most tax efficient manner and do not always distribute assets in a way that a deceased person would have wanted.

What is a General Power of Attorney

Wills FAQ Book
A General Power of Attorney is not the same as a Lasting Power of Attorney.

A lasting Power of Attorney (LPA) is required if a donor loses mental capacity to make decisions for themselves. There are two different types of LPA, one to manage a persons Property & Financial Affairs and another to manage their Health & Welfare.

Do I need a Trust in my Will?

Wills FAQ Book

In order to know if there is likely to be a need to create a Will Trust within your Last Will and Testament, the first thing you should consider are your wishes for the distribution of your estate upon your death.

If your wishes for the distribution of your estate are quite straight forward then it is likely that there is no need to create Will Trusts. There are however some situations which may require you to have a Will Trust created:

Here are some examples of situations when you may require a trust to be written within your Will:

Inheritance Tax Questions & Answers

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When is Inheritance Tax Charged?

For a single person, the current Inheritance Tax IHT nil rate band threshold is £325,000.

If on death a persons Estate is valued at more than this threshold then Inheritance Tax is payable and is currently charged at a rate of 40% on anything over the threshold.

Choosing a Professional Executor

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Appointing An Executor

One of the clauses a Will must contain is a clause that appoints your executors. An executor is the person who administers your estate and carry's out other wishes in your Will.

You should think carefully about who you select as your executor/s, the people you choose should be someone you trust and you feel will be able to carry out their responsibilities effectively.

Whilst not an exhaustive list an executors responsibilities include:

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