Inheritance tax is charged at the rate of 40% on the value of your estate above the allowances available. The main allowance is the nil rate band (NRB); this is currently £325,000 and is frozen at this level until April 2020. From 6thApril 2017, a new residence Nil Rate Band (RNRB) is available to claim where an individual leaves their home to direct descendants. In the 2018 – 2019 tax year, the allowance is £25,000 per individual and increases by £25,000each tax year until 2020/21 when it will be £175,000. From 2020/21 the RNRB is due to increase with the consumer price index. To enable RNRB to be claimed your property needs to be left to your beneficiaries either outright or in specific types of trusts. The RNRB is subject to tapering and will be reduced by £1 for every £2 that the estate exceeds £2 million. Spouse or civil partners may miss out on the additional RNRB by not ensuring that your Wills are structured in the most efficient way, in particular, to reduce the survivor’s estate to below the £2 million threshold. Any unused NRB and RNRB can be transferred to a surviving spouse or civil partner’s estate even if one partner has died prior to 6thApril 2017.
To make a Will, you have to have capacity to understand what you own, what making a will actually means …
Read more Wills & ProbateWhen you act as an Executor you are expected to act reasonably and act in the best interests of the …
Read more Wills & ProbateOur clients ask us for help for a number of different reasons including: They are too busy to get a …
Read more Wills & ProbateAn executor is responsible for looking after your money, property and other assets after your death and carrying out the …
Read more Wills & ProbateYes. You and your spouse/civil partner can make separate Wills. We offer both Single Will and Mirror Wills options. The …
Read more Wills & ProbateThe intestacy rules would apply to your estate and your partner would receive nothing under these.
Read more Wills & ProbateA Will can be cancelled simply by creating a new Will which states that all previous Wills are revoked. Your …
Read more Wills & ProbateYes, the solicitor is allowed to charge reasonable costs for acting as an executor. The usual charges are between 1½ …
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