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.
No, you do not have to act as an Executor. You have a couple of options. Your first option is …
Read more Wills & ProbateYou can set aside money for her using a Discretionary trust, which will not affect her entitlement to state benefits.
Read more Wills & ProbateNot necessarily. When we receive your Will instructions, we will look at your age and circumstances, and we will write …
Read more Wills & ProbateTo make a Will you must be over the minimum age limit and have “testamentary capacity”. This means you must …
Read more Wills & ProbateYou should both make Wills to ensure a fair division of assets if one of you dies shortly after the …
Read more Wills & ProbateThere are two choices: You can apply yourself to the local Probate Registry, who will send you the forms you …
Read more Wills & ProbateOnly if there are serious disagreements between beneficiaries and/or the people making the Will.
Read more Wills & ProbateA Will can be cancelled simply by creating a new Will which states that all previous Wills are revoked. Your …
Read moreOur highly skilled team of specialist solicitors have been established in the City of Wakefield for over 100 years.