Whether you are in the market for short-term profit or making long-term investments, adequate planning is certainly a worthwhile (and small) investment of your time and money. If you’ve been savyy enough to successfully invest in crypto-assets, make sure you are smart enough to ensure your loved ones can benefit, should the worst happen.
Both the Guardian and the Independent carried articles earlier this week centred on the statistic that the average rate of Inheritance tax (IHT) paid on the deaths of the very wealthy is 10% while the average rate on more 'modest' estates of between £2 million and £3 million was 20%.
Sometimes it is unknown whether somebody has a registered lasting power of attorney (LPA), an enduring power of attorney (EPA) or whether they have a court appointed deputy. The Office of the Public Guardian (the OPG) has a legal duty to maintain registers of LPAs, EPAs and court orders appointing deputies.
The new probate fee structure, which was set to be introduced in April has been delayed due to the time demands of on-going Brexit discussions in Parliament; we’ve blogged previously about the Government’s introduction of a new ‘ stealth tax’ here.
How do you secure English assets when there is a foreign grant of probate? The English Probate Registry can re-seal a foreign grant provided the deceased was from a current or former commonwealth country. This will give the executor named in the foreign grant the legal power to deal with the English asset.