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.
A member of your family, your partner, a friend or solicitor may act as your executor. The executor must be …
Read more Wills & ProbateA Grant of Probate is the document that is issued to you by the Probate Registry. The document confirms your …
Read more Wills & ProbateWhat happens to property abroad when you die depends on the law of the country where it is located. In …
Read more Wills & ProbateIf the estate is valued at more than the nil rate band then the estate will usually have to pay …
Read more Wills & ProbateYou need to make a statement saying why you think the Will should be written as you suggest. The Court …
Read more Wills & ProbateTo make a Will, you have to have capacity to understand what you own, what making a will actually means …
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 & ProbateMarriage will cancel your Will unless it was prepared in expectation of the event. Getting divorced will not cancel your …
Read moreOur highly skilled team of specialist solicitors have been established in the City of Wakefield for over 100 years.