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.
The advantages of appointing us as your executor include: Competitive rates which we will be negotiate with the beneficiaries after …
Read more Wills & ProbateFirstly you will need to break the news to friends and relatives, register the death and organise the funeral. It …
Read more Wills & ProbateNo, as long as you are the Executor or Administrator you can choose any solicitor you like.
Read more Wills & ProbateA member of your family, your partner, a friend or solicitor may act as your executor. The executor must be …
Read more Wills & ProbateYou are responsible for taking charge of the property, money and belongings. You will be held personally and financially responsible …
Read more Wills & ProbateSadly arguments do happen. Contact us for advice if someone is questioning: The contents of the Will Whether the Will …
Read more Wills & ProbateThe answer is No. It is a common misconception that when a person dies their debts die with them. When …
Read more Wills & ProbateYou can set aside money for her using a Discretionary trust, which will not affect her entitlement to state benefits.
Read moreOur highly skilled team of specialist solicitors have been established in the City of Wakefield for over 100 years.