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June/July’s Newsletter

To download the latest newsletter, click here!

We’re delighted to share our latest newsletter, bringing you insightful news and updates from the industry.

In this issue, we talk about…

  • The importance of planning ahead highlighted by the arrival of the royal baby.
  • Can we handle the increasing need for end of life care?
  • HM Courts and Tribunals Service plan to close local probate registries.
  • What is Inheritance Tax and how does it work?

To download the latest newsletter, click here!

‘Inheritance disputes set to increase as more British adults are willing to dispute a Will.’

New stats from the latest Kings Court Trust blog. 
We’d love to know if you would be prepared to dispute the Will of a loved one?

The King’s Court Trust tells us that ‘a record number of inheritance disputes were reaching the High Court under the Inheritance Act, with 116 cases bought to the court in 2015, in comparison to just 15 in 2005.’ 

To read the full article, click HERE!

How to Leave up to £1 Million to Your Loved Ones Tax Free – Part 1

Inheritance Tax

Inheritance Tax (IHT), a daunting pair of words for most people and often accompanied by worries of it being complicated or a way for people to sneak tax-free under the radar… Well, today is the first part of how we can prove this is not the case and that this is how the government intends you to make the most of your tax-free allowance!

Although inheritance tax is the most reviled tax, the dreaded 40% that everyone has heard so much about may not actually come into effect at all on your assets, depending on how you plan for Inheritance Tax. You could even manage to completely avoid paying a penny of it, as intended; no sneaky schemes or shady money management, HMRC has thought about this!

Nil-Rate Band

The “Nil-Rate Band” (NRB) for IHT very much does what it says on the tin!  This is a financial band (amount) that has a Nil Tax Rate; everyone, even you, has this! So, when you leave your assets, which could be anything from your savings accounts, jewellery, cars, and properties*, the government allows you a tax-free allowance of £325,000 as of 2022 so far.

So, if you only have assets of £300,000 in total, everything below that £325,000 threshold can pass as you please, free of any IHT! Though anything over that threshold will likely be taxed at the dreaded 40%.

Personal Tax Allowance

However, this is if you are a sole person. IHT has a strange preference to married couples/civil partners, these groups do get a special treatment when it comes to how NRBs interact. As we have just learned, each person gets £325,000 as their personal allowance; it is worth noting that if you are an unmarried couple, your personal allowance is used up by passing your assets to your partner.

Married / Civil Partnership

If you’re married/civil partnered, when the first member of the couple passes away, their NRB (the £325k) doesn’t get used up or disappear… the amount of tax-free allowance that is left considered unused and could be transferred to the surviving spouse!

Spousal Exemption

Let’s say for example, the husband dies, and he passes everything to his wife (my apologies for the nuclear family example) – firstly, there is the “spousal exemption” so all assets and monies passing to your spouse/partner are automatically free of tax!  So, this means that the Husband’s NRB (£325k) of tax-free allowance was never used…

Instead, the surviving wife (or any spouse) combines their NRB with their deceased partner’s giving them a total of £650,000 of tax-free allowance to give to friends and family in their Will.

Looking for more information on Inheritance Tax?

Head over to the Society of Will Writers to read the full article – How to Leave up to £1 Million to Your Loved Ones Tax Free, a Two-part Guide – The Society of Will Writers

Contact Will Trust and Protect:

Extending Video-Witnessed Wills for Will Writing

Here at Will Trust & Protect, we provide a high quality Will writing service directly to the public or through a network of regulated financial advisors. In addition to providing you with a professionally written Will, we will work alongside your financial advisor to ensure that your estate is arranged in the most tax efficient way possible.

It comes with a sigh of relief with the recent announcement regarding the extension to video witnessing for Will Writing.

With the pandemic showing no signs of ending anytime soon, having the option for the vulnerable or isolating to have their Wills legally recognised from the comfort of their own homes or places of care will likely prove to have a positive lasting effect.

While the pandemic has been tragic for so many of us, the steps being taken to increasingly digitise the process for Will Writing makes the steps not only for Will Writers, but Testators that much more accessible.  

Though these advancements are currently only temporary (until 31st January 2024), we may see an increase in adoption of this new method; as of 2020, the Law Society research discovered that 14% of legal professionals involved in making a Will capitalised on video-calling software. Since the beginning of learning to use Zoom in the office in the distant memory for 2020, the statistic for digital usage in this capacity is only going to have grown.

Deputy Prime Minister, Lord Chancellor and Secretary of State for Justice, Dominic Raab said:

  • I want people to be able to use technology safely and securely to ensure they can record their final wishes no matter the circumstances.
  • This is a common-sense measure that will give vulnerable people peace of mind that their wills are recognised if they are forced to have them witnessed via video due to isolation.

The Society of Will Writers

To read the full article, head over to The Society of Will Writers by clicking here.

Video Witnessing

If you would like to find more information on the extension and in-depth guidance on video witnessing please follow the below useful links:

https://www.gov.uk/government/news/video-witnessed-wills-legalisation-extended

https://www.lawcom.gov.uk/project/wills/

https://www.gov.uk/guidance/guidance-on-making-wills-using-video-conferencing

https://www.lawcom.gov.uk/project/electronic-execution-of-documents/

Bringing The Latest From Our World To Yours.

The bi-monthly newsletter has arrived for January/February!

 

In this issue we talk about Probate fees and the changes the Government are making, we take a look into simplifying Inheritance Tax, transparent pricing in the legal sector and yes, we do mention the ‘B’ word…Brexit and what it means for our sector.

Click here to download the Newsletter.

 

Like and follow us on Facebook to keep up to date with Will Trust and Protect Ltd. 

 

The government move forward with changes to probate fees

Kings Court Trust have all the information you need to know on the changing probate fees set by the government. 

 

“On the 5th of November 2018, an update on probate fees was provided by Parliamentary Under Secretary of State for the Ministry of Justice, Lucy Frazer QC MP. It was announced that new legislation to implement a new, banded structure of fees for a Grant of Probate (also known as Grant of Representation) has been presented before Parliament.

If the proposal is passed by the government, it will:

  • Allow people to apply for a Grant of Probate online.
  • Provide support for those who do not have the skills to apply digitally.
  • Result in changes to the current flat fee for obtaining a Grant of Probate.
  • Change the current estate value threshold from £5,000 to £50,000.”

To read their full article, click here.

 

The latest from the World of Estate Planning.

Our Bi-Monthly Newsletter has arrived.

 

Welcome to our bi-monthly newsletter – This issue looks at the recently revealed changes in probate fees, an Inheritance Tax review, civil partnerships being made available to mixed-sex couples and lastly, the importance of keeping your Will safe.

To download the November/December 2018 Newsletter, click HERE

 

Like and follow us on Facebook to keep up to date with Will Trust and Protect Ltd. 

The National Bereavement Service

We are proud to be working in association with The National Bereavement Service. 

 

“We  understand that when you lose someone who  is close to you that  it can be both traumatic and  upsetting. Few of us realise how much practical  work has to  take place and at an already difficult time.”

 

We are working along side The National Bereavement Service to provide practical guidance to families going through a bereavement. They are a ‘not for profit’ organisation working with corporate organisations, charities, financial institutions and other companies who deal with bereaved families on a regular basis. We have chosen to start our relationship with the service, to provide better care for our clients at difficult times in their lives. 

If you would like to know more about The National Bereavement Service, click here. 

You can also call them on 0800 0246 121.

CALLS ARE FREE FROM LANDLINES AND MOBILE PHONES

Financial Education For Your Children

Financial Education For Your Children

Thanks to very generous support from Martin Lewis OBE, the very first financial education textbook has been developed;  “Your Money Matters” for secondary schools.

The textbooks are being sent to state secondary schools for free across the nation from October 2018, which is fantastic news for our future generations. Here at Will Trust and Protect, we know that an understanding of finances is an absolute necessity so why not guide your children from a young age? 

“Despite being on the secondary national curriculum, financial education is only taken up by 40% of secondary schools with many teachers just not confident in teaching financial education as well as the challenges of embedding a consistent provision within school. The development and distribution of this Textbook is a major step forward in achieving a degree of consistency to the financial education young people receive within secondary schools by providing teachers with access to a high quality free standardised teaching resource to support and enhance financial education delivery.” (youngmoney.com)

 

Why is this topic important for young people?

  • 55% Of young people aged 20-29 worry about being able to save.
  • Almost 10 Million people in the UK have no savings whatsoever.
  • 81% of 18-24 year olds do not understand the term ‘interest rate’.

 

We have up loaded the student’s guide and the teacher’s guide for you right here! 

You can also find out more about the pledge to get more kids in the financial know how here!

 

Let’s join Martin Lewis in his bid to get the next generation fluent in finance!