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Tis the Season to Gift!

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As the countdown to Christmas continues, most of us will be thinking about the big day and the presents we would like to give to our loved ones.

What many of us are unlikely to be thinking about are the possible inheritance tax (‘IHT’) consequences that could result from our generosity. Our Private Client team shares their expertise on this subject. 

Why use an SFE member

Carole Haestier
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SFE is a national organisation of specialist lawyers whose 1600+ members’ aim is to support vulnerable and older people make the right decisions.

SFE was set up in the 1990s by a group of lawyers keen to promote and develop the needs of an ageing population. 

The hidden costs of homemade Wills

Madelaine Prior
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The dispute between Aretha Franklin’s sons over their late mothers Will provides a cautionary reminder for those contemplating making a homemade Will. Since their mother’s passing in 2018, Aretha Franklin’s sons have accumulated an...

New Year - New Will!

Claire Holland
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It is only by making a Will that you can ensure that your estate is passed after your death according to your wishes.  If you die without a valid Will, the distribution of your estate will be governed by the intestacy rules and the result of this may not be what you would have wanted.

Providing for Pets in your Will

Claire Holland
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With over 52% of UK adults owning a pet, according to the PDSA, we are a nation of animal lovers. So when it comes to making a Will, you might be wondering how to make the right provision for your beloved companion.

Trust Registration Service Deadline Announced

Caroline Farmer
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If you’re a Trustee, there are some major changes to the HMRC’s online Trust Registration Service (TRS) that are now in force. Before we get into the details, here’s a brief overview of what it means to be a Trustee and your...

Protecting your Digital Assets in life and death

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With our lives getting increasingly entwined with digital technologies and the online world, digital assets are fast becoming impossible to ignore.

From social media and email accounts to cryptocurrency and photographs, digital assets are now an important part of people’s lives.

When someone dies without making provision for access to their digital assets after death, it can pose a difficult challenge to loved ones and your Executors.

Therefore, the need for people to manage their online life so that it can be administered after their death is becoming increasingly important.

So, how can you make this easier in your lifetime at an already distressing time for those that you leave behind?

Abuse of Power of Attorney

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In recent years there has been a dramatic increase in people making Lasting Powers of Attorney (LPAs) to give decision making powers to trusted individuals (“attorneys”) in the event of loss of mental capacity. The government is now considering updating the paper-based process introduced in 2007, to a more modern, digital method whilst ensuring that appropriate safeguards are in place. A consultation process has taken place to examine the LPA making process. 

Giving Gifts Guide for Powers of Attorney

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When a donor creates Lasting Powers of Attorney for property and financial affairs, they appoint attorneys who are given authority under the Mental Capacity Act 2005 to make best interest decisions on behalf of the donor if the donor loses mental capacity to make decisions about their own money or property. 

Many attorneys, often acting on behalf of a family member, will be unaware of the rules regarding making gifts on behalf of the donor generally but especially at Christmas. The Office of the Public Guardian has recently released new guidance on this topic which is summarised below.

CHILD TRUST FUND ISSUES FOR YOUNG PEOPLE WITH LEARNING DISABILITIES

Claire Holland
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Back in 2005, the Government introduced the Child Trust Fund (“CTF”) and gave parents a gift of at least £250 to put into the CTF, so forming the basis of a nest egg for the child when they reached 18.  Parents and other relatives...

End of life care wishes

Claire Holland
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We are all thinking more about our health at the moment and you may be concerned over how your wishes might be followed if the worst should happen and you are unable to make you own decisions regarding your treatment and care.  Many people have strong...

Dementia Friendly

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There are nearly 1 million people currently living in the UK with dementia. Led by the Alzheimer’s Society, this week is Dementia Action Week, which is a national event that sees the public coming together to take action to improve the lives of people...

Transferable Nil Rate Band and Nil Rate Band Will Trusts

Caroline Farmer
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In October 2007 the Government introduced the Transferable Nil Rate Band (TNRB). All individuals have their own Nil Rate Bands (NRB) which has stood at £325,000 since 2009 and will remain at this level until at least 2026. The NRB is that part of the...

Covid-19 vaccinations, capacity & consent

Caroline Farmer
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The Covid-19 vaccination rollout is the biggest inoculation programme the country has ever undertaken. Uptake of the vaccine has far outreached expectations, with more than 19 million having received at least one jab, and more than 700,000 a second. Yet, it...

How we can help Personal Representatives

Claire Holland
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Administering an estate can be a daunting task.  Whilst there is no requirement to enlist the help of a solicitor, there are many reasons why it may be best to do so.  Our team has many years’ experience and can help you to avoid common traps...

Wills allowed to be witnessed by video

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The Ministry of Justice (MoJ) has officially declared that Wills and Codicils witnessed remotely by video link will be deemed legal, as long as the quality of the sound and video is sufficient for the parties to see and hear what is happening at the time....

OPG launches new online service for using LPAs

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In recent months it has become much clearer just how important online services are. With this in mind, the Office of the Public Guardian (“the OPG”) has been working behind the scenes to make using Lasting Powers of Attorney (“LPAs”)...

COVID-19: HOW WE CAN HELP YOU WITH WILLS AND POWERS OF ATTORNEY

Claire Holland
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There are many things to think and worry about at the moment, but something which may be causing you particular concern is whether your Will is up to date, or how you can put a Will in place if you do not already have one. It is definitely not too late, and...

With great power comes great responsibility

Caroline Farmer
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In recent years there has been a significant increase in the number of people being taken to court for abusing their position of trust as someone’s attorney under a Lasting Power of Attorney (or an old style Enduring Power of Attorney) or failing to...

MANAGING THE FINANCIAL AFFAIRS OF MISSING PEOPLE

Claire Holland
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It is estimated that some 180,000 people run away or go missing each year in the UK.   When a person goes missing, there are huge emotional and practical implications for his or her family members. A new law which came into effect on 31 July 2019...

Lasting power of attorney for health and welfare

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A Lasting Power of Attorney (LPA) allows you to give a person you trust the legal power to make decisions on your behalf in case you later become unable to make decisions for yourself. The person who makes the LPA is known as the ‘donor’ and the...

Digital Wills: Upsetting the "Apple" cart

Caroline Farmer
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Laptops, phones and tablets are all too common in the household and there is often much more value to these devices than just the price. These devices store videos, photos and music which are known as “digital assets”. If all of the available...

The "Granny Annexe" - matters to consider

Caroline Farmer
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The costs of paying for residential care in later life, and the impact on their estate, are quite understandably of concern to many of our clients.  Many people decide to sell their home and move in with relatives, hoping that their family will be able...

How can making a Will help to protect my children?

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If you have children, we understand that life is busy and making a Will might not be on your mind. But once you fully understand what a Will can do to protect your children, making a Will should move to the top of your to-do-list. It is common for parents...

The Forfeiture Rule and Assisted Dying

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A High Court Judge has ruled in the recent case of Ninian v Findlay that Sarah Ninian, who accompanied her husband Alex Ninian to Dignitas for his assisted death, can claim his £1.8 million estate. Alex had been diagnosed with progressive...

Inheritance Tax - Change on the Horizon?

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It is now just over a year since Chancellor Philip Hammond wrote to the Office of Tax Simplification, an independent office of HM Treasury, asking them to carry out a review of the Inheritance Tax (IHT) regime. The Office spent much of 2018 investigating...

LASTING POWERS OF ATTORNEY - DO I NEED THEM?

Claire Holland
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The simple answer is yes!  Most people appreciate the importance of making a valid Will so that we can have control over where our assets should go after we die. But you should also consider what would happen if you suddenly lost the capacity –...

Appointing Guardians by Will

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Frequently Asked Questions concerning Testamentary Guardian appointment:-   Can I appoint a guardian for my minor children in my Will? Yes you can appoint a Guardian or Guardians of your minor children in your Will.   When does the...

INHERITANCE TAX SAVING TIP

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Normal Expenditure out of Income Exemption An underused but effective Inheritance Tax exemption is the normal expenditure out of income exemption .  It may be the case that an individual has income which exceeds their reasonable requirements,...

Health and Care Decisions Lasting Power of Attorney

Caroline Farmer
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A Health and Care Decisions Lasting Power of Attorney (LPA) allows you to appoint your choice of person or people to make health and care decisions on your behalf if you become permanently or temporarily mentally unable to make these decisions for...

Wills and Unmarried Couples

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It is very common these days for people to live together in committed relationships but without marrying or becoming civil partners. People in this situation are strongly advised to make Wills providing for each other because the law does not recognise this...

Advance Decisions to refuse medical treatment

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An Advanced Decision to refuse medical treatment (An "Advanced Decision") is a statement made by a person who must have capacity to make it and be over 18, to refuse consent to medical treatment in anticipation that in future he or she may lack the...

Transferable ISA Allowance

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An individual Savings Account (ISA) is a savings account within which up to a certain limit interest is earned and capital gains made are free of tax. One of the characteristics of an ISA is that it can only be held by an individual. An ISA account can...

Wills - Top 7 Tips

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Top 7 tips for Owner Managed Businesses One of the myths and legends about law is that the world of Wills and probate never changes: actually it is a field that has seen more legislative change over the past 10 years than just about any other.  This...