There is a misconception that trusts can only be used by wealthy people that are looking to protect multiple assets or even overseas property. However, anybody can draw up a lifetime interest trust as part of your will to protect your assets. The benefit of a lifetime interest trust...
Any possessions, assets or property you leave to beneficiaries when you die may be subject to Inheritance Tax (IHT) which your family has to pay. HMRC expects payment of IHT before probate has been completed. This means that the money has to be found before any property, or other...
It’s reported that around 2 million people are suffering from long Covid in the UK. When you combine that with the number of people that are suffering from terminal or chronic illnesses, there’s a very strong case for making sure you have a living will. Living wills are...
If you marry, divorce and remarry, having already written your will, an ongoing question that comes up is, “does my will remain valid?” In April 2022, the Divorce, Dissolution & Separation Act 2020 came into force which also introduced the new ‘no fault’ divorce, which allows couples to divorce...
In the UK, 31 million people (59%) have not written a will. If you die without making a will, not only does the probate process become longer and more complicated, the people, charities or good causes you want to benefit from your estate won’t receive the assets you want...
Living wills, also known as an Advance Decision, Advance Directive (in Scotland and Northern Ireland) or Advance Decision to Refuse Treatment, are made by you in your lifetime. They allow you to decide, in advance, how you want to be treated should you become terminally ill or lose the...
In the UK, 31 million people (59%) have not written a will. If they die without making a will, not only does the probate process become more drawn out and complicated, the people, charities or good causes they want to benefit from their estate won’t receive the possessions you...
The latest research from Legal & General reveals attitudes are changing with regard to writing a will. Their survey showed that 37% people in the UK now think differently about a will then they did two years ago, principally because of the impact of the Covid-19 pandemic. With...
In the UK, when someone dies, the family or executor, if there is a will, needs to apply for a Grant of Probate, which gives them the authority from the court to ‘administer’, or manage, the deceased’s estate. Who applies for probate depends on whether there is a will...