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Statistics have been revealed which show that a considerable percentage of the population is still choosing to leave their loved ones unprotected by not preparing a Will.
Having a succession plan in place is a challenge for any business, but even more so for farmers. On the death of the farming parent, it is usual for farms stay in the family, but it can be difficult to divide the assets evenly, leaving some feeling disinherited and others forever tied to the farm.
It may be that your property was held under “joint tenancy”, meaning that your partner prepared a Will which indicated that it would automatically pass to you in the event of their death. Alternatively, you may have simply been named as the beneficiary of the property in a Will, or perhaps the property was owned as a “tenancy in common”, in which case you may again have been named as the beneficiary in the deceased’s Will or have been nominated as such in accordance with the laws of intestacy, if no Will was prepared.
“Potentially exempt transfers” are one of the most widely used tactics for reducing Inheritance Tax. Providing that you survive for at least seven years after the date that you give away a sum of money as a “gift” to your beneficiaries, this means that not only can your loved ones benefit whilst you’re still alive, but the final amount to be taxed on your Estate after your death will then be reduced.
Rather than just one standard document, several types of Wills are available to reflect an individual’s circumstances, wishes and objectives.
Recent research carried out by Sun Life Direct has discovered that around one in ten people have difficulty meeting the costs associated with the funeral of a loved one, with many seeking external funding to help.
There are five main types of bequests which you may see contained within a Will:
As with all legal documentation, errors can and do occur when preparing a Will, particularly if it there are particular wishes and clauses beyond the standard. This is the principal reason why the services of an expert Will writer should always be sought.
Recent news items in newspapers and on TV continue to highlight the existence and practice of unscrupulous so-called “will writers” who are, quite often, inexperienced businesspeople simply looking to make money.
In a recent survey held by Prudential, it was revealed that almost a third of couples aged over 40 know or understand nothing about their partner’s financial plans for retirement, with more than a fifth never having even broached the subject with their partner.
Tony Crocker, owner of IWC Estate Planning & Management Ltd, last night praised the Panorama programme shown on BBC, which highlighted the devastating issue of families affected by unscrupulous conmen, posing as will writers and probate specialists.
When thinking about calculating the value of an Estate after a person’s death, we naturally assume that there will be enough left to distribute between the Executors and loved ones or charities, after all bills have been paid.
Unfortunately, this is not always the case, and in many instances, the person’s debts far exceed the value of their Estate, making them in effect, insolvent. This scenario is perhaps more common than you may think and can result from poor financial decision making or simply be a reflection of the weak economy at that time.
Whether or not you currently have a joint bank account with your partner, a sole bank account or a mixture of the two, will greatly affect the distribution of your Estate when it comes to probate.
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