An Ordinary Power of Attorney is quick and easy to make, granting power for someone to help you with your finances when you need it. There are several different ways to get help with your finances. They include: From the above, you can see that the ideal solution is to put in place an Ordinary … Read more
A nuptial agreement allows a couple to set out how their financial affairs will be managed and how assets should be divided if they divorce or (for civil partners) if the partnership is dissolved. Such agreements can provide certainty and protect assets, but it’s important to understand their legal status and how to ensure they … Read more
Section 9 of the Wills Act 1837 sets out the requirement for a valid Will. Contesting a will on the basis of lack of valid execution means arguing that the will was not made in accordance with the legal formalities required for a valid will. In England and Wales, the Wills Act 1837 sets out strict signing … Read more
Gifts made during your lifetime can sometimes affect the amount of Inheritance Tax that your estate pays on your death. However, with careful use of Potentially Exempt Transfers and various lifetime gift exemptions, you can reduce or eliminate any IHT on those gifts. Below we outline how lifetime gifting works for IHT purposes, including updated … Read more
I outline the basic Inheritance Tax allowance (the nil rate band) and the newer Residence Nil Rate Band below, and update the guidance to reflect recent and upcoming changes in the rules. Nil rate band Inheritance Tax on your assets is charged at the following rates: The nil rate band is currently £325,000 and is … Read more
If you are thinking of contesting a Will, you might be wondering how you can fund the legal expenses of your claim. Even if you believe you have a very good case, you may simply not have the spare funds to pay a solicitor up front. The first thing to remember is that many of … Read more
One common reason for contesting an estate is that the deceased failed to make “reasonable financial provision” for a loved one. The Inheritance (Provision for Family and Dependants) Act 1975 (often called the Inheritance Act) allows certain individuals to claim financial provision from a deceased person’s estate if the Will (or the intestacy rules) did … Read more
Quite a common enquiry we get is that a Deceased relative made a Will leaving their property to someone unexpected, and that the enquirer believes they were unduly influenced by the beneficiary. This could be a caregiver or a later-life “friend” (sometimes of a romantic nature). Another common scenario is a testator who leaves a … Read more
One of the less common reasons for ‘contesting’ a will is the forfeiture rule. Under this rule, a beneficiary is disqualified from inheriting if they have unlawfully killed the deceased, or even if they have unlawfully aided, abetted, counselled or procured the death. This is a matter of public policy – clearly, if you could … Read more
There are a range of reasons why you may consider contesting a Will or challenging an estate. On this page I discuss some of the most common reasons and explain some of the factors that influence whether a claim is possible. It is important to appreciate that taking advice early on maximises your likelihood of … Read more
