The 14-Year Rule Explained: How a Gift You’ve Forgotten Can Still Add to an Inheritance Tax Bill
Most people planning their estate have heard of the “7-year rule”: give money away, survive seven years, and the gift falls outside your estate for inheritance tax (IHT). It’s one of the best-known ideas in estate planning — and one of the most misunderstood. Far fewer have heard of its longer, stranger cousin: the 14-year […]
5 Essential Considerations Regarding Tenants in Common vs Joint Tenants – What Every Property Owner Should Know
Understanding Co-Ownership: Why it Matters in Estate and Financial Planning Property is often the most valuable possession within an individual’s estate. In England and Wales, when two or more people purchase property together, they must choose how they wish to legally own it. The choices are either 1) joint tenants or 2) tenants in common. […]
Probate in the UK: 4 Essential Insights to Secure Your Legacy
Probate is the legal right to deal with a deceased person’s estate. The process involves validating the Will (where there is one), paying off debts, and transferring any remaining estate assets to the named loved ones. For effective estate planning, understanding probate is essential as it ensures that the deceased’s estate is managed properly, with […]
5 Common Estate Planning Mistakes to Avoid
Estate planning is a crucial step in securing financial stability for your loved ones. However, many, overlook key aspects of the process, leading to costly legal disputes, tax burdens and unintended consequences. Avoiding these common mistakes can help protect wealth, minimize stress for your loved ones and ensure a seamless transition of assets. Failing to […]
How to Start Estate Planning in 5 Easy Steps
Take Inventory of Your Assets and Liabilities Start by listing all your tangible and intangible assets to ensure that nothing is omitted from your estate plan which could cause legal complications for your loved ones. Tangible assets include real estate, vehicles and valuable personal possessions. Meanwhile, intangible assets, include bank accounts, investment portfolios (including cryptocurrencies), […]
I Don’t but I Will – Estate Planning for Unmarried Couples
Unmarried couples face unique challenges for estate planning. Unlike married couples, they don’t automatically benefit from spousal inheritance or tax benefits. Therefore, it’s essential for unmarried couples to proactively ensure their wishes are honoured and assets protected. Wills For unmarried couples, a Will is key for your estate planning because without one, the laws of […]
I Do and I Will – Estate Planning for Newlyweds
Getting married is a big milestone that brings new financial and legal considerations, including estate planning. This guide covers the essentials for newlyweds to consider when estate planning. Wills When you marry, any existing Will is automatically cancelled. Therefore, if you don’t make a new Will, the law of intestacy applies, and your assets may […]
Taxing Times – Inheritance Tax (IHT)
UK inheritance tax (IHT) is a mandatory charge applied to the value of the deceased person’s estate that exceeds a set threshold. The estate could include, shareholdings, your home, other properties you own, your savings and any personal possessions. For UK-domiciles, IHT is charged on your worldwide assets irrespective of where you are situated. For […]
Wills and Wonts – 10 Basics on Wills
According to the 2024 IRN Legal Wills and Probate Consumer Report, only 36% of adults in the UK have a Will, which is incredibly low given the benefits of Wills. Here’s 10 basics on Wills. Who inherits – Without a Will, UK Intestacy Rules apply which doesn’t necessarily mean your spouse would inherit your whole […]
Navigating Inheritance Tax: Expert Advice On Estate Planning London
A significant aspect to considering inheritance tax advice in the UK for most affected people is always going to be dependent on property values. Considering London’s population and average property values being the highest in the UK, it presents a unique challenge for effective estate planning in London. This is because the value of a […]