The House of Lords has voted through the proposal which will introduce a new stealth death tax for the middle classes from April 2019. The fees payable to the Probate Registry will be dramatically increased from a flat rate of £155 for a solicitor application or £215 for a personal application for estates above £5,000 to a maximum of £6,000.
2007 was a milestone year in inheritance Tax (IHT) planning for married couples with the introduction of the ‘transferable nil rate band’. Not only did that sound the death knell (almost) for the nil-rate-band-discretionary-will-trust but the traditional use of a deed of variation did an about face.
Over the years, I’ve encountered many couples in a relationship spanning 20 years or more, often with children together, who have never married nor have any intention of doing so. When challenged as to reasons for not marrying, there’s rarely expressed any aversion to marriage in principle. It’s just, “We’re happy as we are; we don’t need a piece of paper to prove the strength of our relationship”.
The New Year is the perfect time to make a Will. People in their 20s often think they do not need a Will, particularly if they are single and do not consider themselves to be particularly ‘well off’. Preparing a Will is not something you should delay. Here are 10 good reasons why you should make a Will now, regardless of your age.
With Christmas less than a week away, you may now be panicking about what to give your loved ones. Rather than join the chaos of the last minute Christmas shoppers, you might consider giving a cash gift this Christmas.