• 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...

Pension Pot Perils

With the new legislation on Pension Pot withdrawals coming into force from April 2015 there are considerable risks for those who take out large lump sums.

The immediate effect is to increase the value of your estate for Inheritance Tax purposes. A large withdrawal from your pension pot added together with the value of the house you own could well take you above the basic threshold of £325000 after which Inheritance tax becomes payable upon death.

If you are married and your combined assets are evenly divided between both partners then you may need to consider sharing the pension pot to keep the individual estates even to ensure maximum benefit from the basic threshold you each enjoy.

If you decide to buy further property with your windfall then remember that if it is to be in joint names the acquisition should be as ‘tenants in common’ to ensure you do own one half each and can bequeath it accordingly.

However you may use your large sum please remember to review your Will as the amount was probably never taken into account when the Will was drawn up

Remember also the need for a Power of Attorney just in case the shock of receiving a large lump sum renders you incapable of managing your own financial affairs!

Asset and Property Protection Wills  become much more important in order to ensure your loved ones eventually benefit from your accumulated retirement savings.

 

 

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