Among reports of the pandemic, there has also been a reported jump in the number of requests for the drafting of Wills and Powers of Attorney, with Ian Bond TEP, chair of the Law Society's wills and equity committee, recently announcing an increase in enquiries of this nature of 30%.
A 58 year old window cleaner has found himself in very hot water following the death of his brother. Peter Ivory is locked in a bitter battle with his two brothers (and nephew) over the distribution of his late brother’s estate following his death in November 2018.
As the coronavirus continues to create significant challenges for families and businesses, we want to reassure our clients of the steps that Boyes Turner have taken in order to continue to provide a high level of client service.
What common errors can affect the way my property is inherited under a Will?
By nature, Wills are often associated with the elderly. It therefore comes as no surprise that around 54% of adults do not have a Will and, of those that do, many are not kept up to date or no longer accurately reflect their wishes.
No tax is popular; however, public opposition to Inheritance Tax (IHT) is particularly widespread despite the fact that only a minority of estates have to pay it. In fact, IHT accounts for less than 1% of UK taxes while affecting less than 5% of estates.
2019 was another busy year for claims challenging the validity of wills so as we start a new year and indeed, a new decade I look back at some of the big cases from 2019 and review what we have learnt from them.
A family member or friend may choose to appoint you to administer their estate and carry out the provisions of their Will. If you choose to accept the role, there are a number of key responsibilities which may arise during the process.
Timing and Inheritance Tax: what should I consider before making a lifetime gift?
Inheritance Tax applies primarily on death but also to gifts made within 7 years of death, subject to any applicable exemptions and reliefs. It is therefore important for an individual to consider what implications gifts made during their lifetime may have for inheritance tax purposes.
A Will is not just for Christmas … or for the rich
In September 2019 research carried out by the Remember a Charity consortium revealed that almost one third of British people believed they only needed to make a will if they were very rich. The research also revealed that almost 2/3 of adults across the UK do not have a will. Many are unaware of the potential flexibility of will writing and nearly 2 in 5 (37%) assume their estate will automatically pass to their partner and children.