When a loved one passes, it is an extremely difficult time for a family. It can be difficult to know where to begin, especially if you are responsible for their estate. Our team have put together a guide to help guide you through the process. Below are some important first steps to take.
As we get older, we are more likely to require assistance with our day to day life. If your loved one needs help with their care and well-being, obtaining legal advice can ensure you know what options are available. There are various legal documents that are designed to meet a person's wishes for later life, particularly a will, living will, and Power of Attorney. In this article, we look at some of the steps that can be taken when making care plans for a loved one.
New research has revealed that Scottish and Welsh charities outperformed other parts of the UK in terms of real terms legacy income growth in the last decade.
Cohabitation laws in Scotland are in need of reform as they do not help grieving people or vulnerable individuals, according to a recent report by the Law Society of Scotland.
The Scottish Government opened a consultation on the 17th February, asking the public how the laws surrounding succession could be fairer and more representative of 21st century Scotland. The consultation focuses on two key ideas – intestacy rules for surviving spouses/civil partners, and cohabitation rights.
A new report into intergenerational wealth transfer has found that over 11 million people aged between 25-45 in the UK expect to receive some sort of inheritance from their parents or grandparents, with nearly half (5.1 million) of these expecting to inherit at least £50,000 in fixed assets or money.
Dying Matters Week is taking place from 14th – 20th May this year, and to mark the occasion Royal London published new research that highlights the top five tasks people should carry out now to help their loved ones after they pass away.
The Office of Tax Simplification (OTS) has published a call for evidence and an on-line survey to gather information about people’s experience and perceptions of Inheritance Tax.
People are increasingly willingly to leave part of their estate to a charitable cause close to their heart, according to new figures released by Remember A Charity.
In an interesting case from Wales, a judge in Cardiff’s High Court has taken the unusual step of overturning a deceased man’s will to award property and some money to his long-term partner, reports the Daily Mail.
New research by Canada Life has found that as many as one in 25 people in the UK have inheritance expectations amounting to at least £1 million. For one in 50 people, these expectations exceed £5 million.
New research has revealed a lack of awareness amongst cohabiting couples of what their legal rights would be should their partner pass away.
People are increasingly living their lives online and the question of how someone’s digital assets and accounts should be handled after their death has become the subject of some debate.
The Chancellor of the Exchequer, Philip Hammond, has apparently written to the Office of Tax Simplification (OTS) to request that it carry out a review of Inheritance Tax (IHT) in the UK.
As many as 64% of adults in the UK are leaving their final wishes to chance by failing to prepare a will, Macmillan Cancer Support has warned. Worryingly, this includes 42% of people over the age of 55.
A new report from the Resolution Foundation has revealed millennials are in line to receive the largest and most wide-reaching ‘inheritance boom’ of any post-war generation. However, this won’t come in time to solve their home ownership and wealth inequality woes.
Two men in Ireland have announced that they intend to marry each other, even though they are both heterosexual, reports the BBC.
The news that HMRC is projected to receive more inheritance tax (IHT) than initially forecast over the next five years should ring alarm bells for people with estates that are likely to be valued over the IHT threshold. IHT planning should now be a fundamental part of estate planning for everyone in this situation.
The Law Commission for England and Wales recently conducted a public consultation exercise over reforms to the laws governing will writing in England and Wales.
A 65-year-old man has appeared in court in Edinburgh after admitting he forged a relative’s signature on a fake will, reports the Evening News.
In an interesting will dispute case from Australia, Brisbane Supreme Court has ruled that an unsent text found on the mobile phone of a deceased man can be taken as his official will, reports the BBC.
New research has revealed that the over-50s are choosing to cut back on personal spending so they can build an inheritance pot for their loved ones. However, their children don’t share this view and would rather their parents spent their money on themselves during retirement instead of leaving it behind.
New research by Royal London has revealed that around 70% of adults in Ireland do not have a will in place.
Charity will campaign Will Aid has highlighted the importance of keeping your will up-to-date to reflect any changes in personal circumstances.
New research has revealed that working age adults in Britain are not banking on a substantial inheritance to secure their financial future.
Only around half of UK adults have made a will, according to will writing campaign group Will Aid.
The Law Society of England and Wales has welcomed the launch of a public consultation exercise by the Law Commission over proposed reforms to the laws relating to will-writing.
Over a year after Prince’s untimely death, a judge in Minnesota has named the singer’s sister, Tyka Nelson, and his five half-siblings as heirs to his estate, reports the Independent.
New research from Prudential has revealed that financial advisers are forecasting a sharp rise in demand for inheritance tax (IHT) advice.
In a recent interesting case from Canada, a man has been told that he is not entitled to any inheritance from his grandmother’s estate because he was born ‘out of wedlock’, the Toronto Star reports.
New research into gifting behaviour has found that parents want to give away early inheritance gifts to help their children financially now rather than making them wait.
Having an open conversation about estate planning is still proving difficult for many people, according to new research from Canada by BMO Financial Group.
Charity consortium Remember A Charity has called on the UK Government to do more to encourage legacy giving by making the cost of writing a will containing a charitable bequest exempt from VAT.
The Charities Aid Foundation (CAF) has been left a book of rare autographs as part of a generous legacy. CAF works with more than 50,000 charities and helps 250,000 people give to good causes.
A charity has launched a new campaign highlighting the importance of people officially recording their medical care and treatment wishes in case injury or illness leaves them unable to make these decisions for themselves in future.
According to a recent report by USA Today, only around 1% of senior citizens in China have written a will or conducted some other form of inheritance planning exercise, which is beginning to cause problems regarding the transfer of wealth.
New research from the Institute for Fiscal Studies (IFS) has found that younger generations are likely to inherit much more wealth than their predecessors did, both in absolute terms and relative to their other sources of wealth. However, within each generation, those who are already well off tend to inherit the most, and this has implications for inequality and social mobility.
The UK’s Acceptance In Lieu scheme has helped to secure a wide number of truly exceptional works of art into public collections in the last year, according to the Arts Council’s Annual Report.
A German man, who had been held as a Prisoner of War (PoW) in Scotland, has left a generous bequest to the Scottish village where he was detained, reports the BBC.
If you ever find yourself named as a beneficiary in a will, then normally the bequest that you receive is quite straightforward, such as a sum of money or a treasured memento. However, this is not always the case.
A new report has highlighted the extent of the pensions and savings gap in the UK, with many adults failing to save enough money to provide for a comfortable retirement.
A recent survey has revealed a worrying lack of understanding of inheritance tax (IHT), which could leave many families suddenly facing an unexpected tax bill.
A recent study from Canada has given an interesting insight into the older generation’s views on spending all their money verses leaving an inheritance for their children.
A major full-length portrait by Sir Joshua Reynolds of the 5th Earl of Carlisle has been accepted in lieu of inheritance tax for the nation.
The ongoing saga of who will inherit Prince’s estate following the singer’s death earlier this year has taken a new turn, with a Judge apparently denying the claims of close to 30 hopeful beneficiaries, reports the Telegraph.
New research by Saga Investment Services has revealed that a growing number of over-50s are planning to hold back savings in their pension to pass on their wealth tax-efficiently.
A wealthy family has changed the inheritance rules linked to the estate that has been in the family for generations, to ensure that the same-sex partner of any gay descendants will be entitled to a life-interest in the property, reports the Daily Mail.
A judge at the High Court in Ireland has been asked to decide whether the signing of a ‘home-made’ will had the effect of revoking previous wills, reports the Irish Independent.
New research has revealed that the proportion of new retirees who know they will be able to leave an inheritance to their loved ones has fallen to its lowest level in six years.
A daughter has lost her stake in her father's home after she was deprived of her inheritance due to a botched will from a will-writing service.Ebenezer Aregbesola used Barclays' £90 will-writing service to create a will to hand down his inheritance to members of his family. His will instructed half of the London home to be given to his daughter,Tinuola Aregbesola, on his death.
An increasing number of estates are falling over the inheritance tax threshold as a result of large rises in property values, wealth adviser Towry has warned.
The UK Supreme Court has recently given its judgment in an interesting English case that involved a legal challenge to the validity of a Will. The ruling allows the Will to be rectified, despite being wrongly signed.
