Category: Wills & Estate Planning

Do not die Intestate

Do not die intestate Having no will means that your assets, money and possessions may not end up where you intended when you die. New rules on what happens when someone dies without making a will came into force on 1 October 2014. How are the rules changing? The changes affect the intestacy rules, which...

Normal expenditure out of income exemption

Normal expenditure out of income exemption Section 21 of the Inheritance Tax Act 1984 deals with the normal expenditure out of income exemption. If a gift (or, more precisely, a ‘disposition’) is exempt, then for IHT purposes it is irrelevant whether or not the donor survives for seven years. For the exemption to apply, it...

Finance Bill limits multiple trust planning

Finance Bill limits multiple trust planning The Finance Bill confirms that proposals to introduce a ‘settlement nil rate band’ will not go ahead. This is good news for mainstream estate planning advice using trusts with life assurance contracts and pensions. Such trusts should not now become saddled with the burden of tax compliance and reporting....

ISA inheritability makes allowance for spouse

ISA inheritability makes allowance for spouse Details have begun to emerge on how the new inheritable ISA rules will operate. And the good news is that it will be achieved by an increased ISA allowance for the surviving spouse rather than the actual ISA assets themselves. This means there is no reason to revisit one’s...

Will you, or will you not? Wills

Wills were once perceived as only something to worry about if you were very old and very rich however having your financial affairs in order brings a huge comfort regardless of life-stage or degree of wealth, yet still only around a third of UK adults have written a Will. Why bother? First and foremost, a...

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