• Basic Wills from £150.00
    Basic Wills from £150.00
    Without a valid Last Will and Testament any assets you leave on death will be distributed according to the Rules of Intestacy. These rules lay down a rigid method of estate distribution and make no account of your wishes. Click the image to read more...
  • We realise that most people haven’t experienced probate before. Probate is the administration of a deceased’s Estate by the appointed “executors” in the Will, usually family members. At an already difficult and emotional time, the complexities of executing a Will and establishing any appropriate Trusts can be an arduous task. Click the image to the left to read more...
  • Inheritance Tax is simply a tax on money or possessions you leave behind when you pass on.It can also apply to some “gifts” you make during your lifetime. It is therefore vital that you receive professional Inheritance Tax Advice on your position to minimise the impact and tax paid should the worst happen, ensuring that your loved ones receive as much of your money as possible. Click the image to the left to read more...
  • Without a valid Last Will and Testament any assets you leave on death will be distributed according to the Rules of Intestacy. These rules lay down a rigid method of estate distribution and make no account of your wishes, unless you write a will. Click the image to the left to read more...
  • Lasting Powers of Attorney from £195
    Lasting Powers of Attorney from £195
    Often serious illness or accidents strike without warning. Last year, for example, approximately 130000 people suffered strokes. Without a Lasting Power of Attorney being available this is when it becomes difficult... Click the image to the left to read more...

Charity begins at Home

New relief in the Budget

The Chancellor outlined a new relief  from Inheritance Tax in the Budget last Wednesday.

As you probably know bequests or gifts to Charities already  fall outside the Inheritance Tax net. The new relief is to be given to those persons who bequeath 10% or more of their gross estate to Charity. The relief is to reduce the rate of Inheritance Tax payable on such estates by 10% . Instead of the present 40% rate the revised  rate will become 36%. The relief will take effect from April 2012. 

Obviously the size of such estates will have to be over the existing  tax free limit of £325000 per person (or £650000 where spouse relief has been claimed).

It may well be worth reviewing existing Wills to see if a new Will has to be written to take advantage of this relief. In many cases perhaps a Codicil may suffice if only an additional bequest to charity is to be made.

Once again the importance of Will writing is emphasised. Get it right to preserve your assets and reduce the tax burden or get it wrong and penalise your beneficiaries and loved ones.

Also make sure your Executors are aware of the relief for probate purposes.