A review of inheritance tax thresholds could make it easier for parents to give their children money to buy a home, fund their education or set up a business. Currently, the maximum sum that can be gifted tax free is £3,000 a year. Any additional funds are subject to 40% inheritance tax if the donor
The Ministry of Justice (MoJ) has started giving refunds to people who were overcharged when setting up lasting powers of attorney (LPA). It has set aside £90m to cover the cost of the refunds. Between April 2013 and March 2017, the operating costs of the Office of the Public Guardian (OPG) came down as more
Nearly two out of three adults in Britain do not have a valid will, according to a survey carried out by MacMillan Cancer Support. The charity surveyed more than 2,000 people and found that 63% had not made a will, including 42% of people over the age of 55. The survey also uncovered various “will
A man who looked after his mother in the years before her death has been removed as an executor of her will following legal action by his two brothers. The man was the woman’s younger son. He had lived with her and cared for her, along with two full-time carers, for several years. He continued
Entering a New Year is always a good time to take stock…of our careers, our work and, of course, our lives in general. At the centre of it all must be our families; everyone wants to protect their loved ones, both now and in the future. There are many ways to do this and the
The deadline for registering new trusts with the online Trusts Registration Service (TRS) has been extended from October to 5 January by HM Revenue and Customs. The TRS was launched in July to enable trustees to register their trust online and provide information on the beneficial owners. Trusts that have incurred a liability to income
Two sisters who were cut out of their mother’s will after making allegations that they were sexually abused by their father have failed in their claim to inherit some of her estate. The mother and her late husband had 11 children. The two sisters and their brother became estranged from the rest of the family
One of Britain’s leading judges has called for living wills to be made compulsory to prevent disputes about the kind of medical treatment offered to patients who are unconscious or unable to make their feelings known. A living will, also known as an advance decision, enables you to write down how you wish to be
Many people are tempted to make DIY wills to save money but it can often lead to confusion and extra cost for grieving families, as in a recent case before the High Court. It involved a man who left three houses, one in London, one in Cardiff and one it Montenegro, to the Serbian Orthodox
A woman who was estranged from her father has been awarded £30,000 from his estate even though he disinherited his children in his will. The court heard that Stanley Nahajec had left all his £265,000 estate to a friend. His three children got nothing. Elena Nahajec, the only child from Mr Nahajec’s second marriage, made