The 2024 Budget introduces proposed changes to the Inheritance Tax (IHT) treatment of unused pension funds. Starting in April 2027, these funds will be included in the deceased’s estate for IHT calculations. This could significantly impact estate planning strategies, especially for those who have been using pensions to pass wealth tax-free.
The Law Society has warned that the severe backlog in probate applications is having a detrimental effect on those mourning the loss of their loved ones. The warning is part of the Society’s evidence to the Justice Select Committee’s probate inquiry. A Law Society spokesman said: “We are aware of significant delays to the probate
The husband of the late Dame Barbara Windsor, Scott Mitchell, has been named the People’s Champion of the National Mission to Beat Dementia. The appointment comes alongside £6 million in funding to boost clinical trials and innovation to detect and treat the disease early. The ‘Dame Barbara Windsor Dementia Mission’ was launched in August 2022,
The High Court has settled a dispute between three brothers over the inheritance of the family farm. The court heard that the brothers had all worked on the farm for most of their lives having been given assurances by their father, Albert, and mother, Brenda, that they would inherit equal shares. Richard Winter and Adrian
Television personal finance expert Martin Lewis has urged people to set up a Lasting Power of Attorney (LPA). He stressed that they provided crucial protection, not just for the elderly but for the young as well. Mr Lewis told viewers on his ITV show: “This is really important. A power of attorney is more important
The Law Society has warned that a move to electronic wills could lead to an increase in fraud. It says more research is needed before they are introduced. The concern was raised in the Society’s response to the Law Commission’s consultation on wills reform. The commission is consulting on the issue of electronic wills due
Chancellor Jeremy Hunt has rejected calls to reduce inheritance tax in his autumn statement. Instead, he has decided to leave rates and allowances at the same level as they have been for the last three years. Inheritance tax is set at 40% and becomes payable once the tax-free threshold of £325,000 has been passed. There
The Law Commission is seeking views on the possible introduction of electronic wills, which it says are now becoming feasible due to technological advances. It also wants to explore ways to deal with predatory marriages that exploit vulnerable people. During the Covid pandemic, several countries, including the UK, allowed paper wills to be witnessed virtually.
The unfortunate dispute that arose recently among Aretha Franklin’s sons illustrates what can happen when a person dies without having made a properly drafted will. The legendary soul singer died in 2018. At the time, it was thought she had not made a will, so her estate was divided equally between her four sons. However,
Surveys consistently show that only four out of ten people in the UK have made a will, despite the problems and heartache that could cause for their loved ones. Even the Covid pandemic didn’t inspire people to put their affairs in order. There was barely a 1% increase in the number of wills drawn up.