When an individual dies, the person administering their estate will, in most circumstances, need to apply for ‘Confirmation’ before being able to distribute the deceased’s property and money.
As we get older, we are more likely to require assistance with our day to day life. If your loved one needs help with their care and well-being, obtaining legal advice can ensure you know what options are available. There are various legal documents that are designed to meet a person's wishes for later life, particularly a will, living will, and Power of Attorney. In this article, we look at some of the steps that can be taken when making care plans for a loved one.
When preparing your will, one of the most important things to consider is who will be the person that carries out your wishes and administers your estate when you die? This person is called an executor, and it is crucial to choose the right person (or people) to carry out this important role. Here we discuss how to decide who would be the best executor or executors for you and some of the things you should consider when making your decision.
New statistics have revealed that 20% of parents in the UK have gifted assets to their children to mitigate inheritance tax.
Writing in Scottish Legal News, John McArthur has called for a complete reworking of the current state of taxes in the UK. “Unless the government find a simpler, easier and more streamlined system for collecting Inheritance Tax”, he states, “the system cannot cope with any increase in the number of estates subject to Inheritance Tax”.
British adults can be secretive about their finances and many don’t even share important pieces of information with close family members, which can be problematic when someone passes away.
Acting as executor for an estate carries a great deal of responsibility, and while the majority of executries are completed without incident, complications can arise and executors can sometimes find themselves in a difficult and unexpected situation.
The UK Government has recently announced that it will no longer be progressing plans to increase probate fees in England and Wales.
New research by Saga Investment Services has found that the proportion of properties sold in England and Wales above the £325,000 Inheritance Tax (IHT) ‘nil-rate band’ looks set to reach record levels in 2016.
It can be difficult for families to initiate discussions about important topics such as retirement preparedness, eldercare and estate planning, but a recent survey by Fidelity Investments has found that children are more prepared to help out than parents might think.
The head of one of the leading think tanks in the UK has stated that the government should consider overhauling inheritance tax and how the system works in the UK.
According to the Registers of Scotland, property prices across the country rose sharply between January and March in 2014.
People preparing estate plans and wills should now include clear instructions about what should happen to their social media, computer games and other online accounts after their death, according to the Law Society of England and Wales.
A father has been awarded custody of his two sons after a judge was highly critical of their mother’s “permissive” parenting style, reports the Guardian. Despite being an English case, it is still relevant in Scotland as an interesting example of the circumstances in which a court could revoke an existing custody order.
The Office for National Statistics has recently published a statistical bulletin giving an interesting insight into divorce in England and Wales in 2012.
Since its launch in September last year, Scotland’s Help to Buy scheme has received over 1200 applications, and has helped more than 200 families successfully gain a mortgage and move into their new homes, the Scottish Government has reported.
The UK Supreme Court has recently given its judgment in an interesting English case that involved a legal challenge to the validity of a Will. The ruling allows the Will to be rectified, despite being wrongly signed.
At this time of year, everyone looks forward to a new start. While we are all trying to get fit, lose weight, save money, read more books or give up a treasured vice, few of us actually follow through with our vows!
