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Biggest EU Digital Shake-Up Since GDPR? What Businesses Need To Know
Christopher Perrin
Over the years, the wills and succession questions I have been asked more often than any other, concern stepchildren.
The majority of people today have smart phones and use the internet to blog, do online banking, pay bills, upload photographs and use social media, as well as exchange text and online messages. Personal information is often shared and uploaded onto websites and/or the cloud. This virtual presence is a global phenomenon that is set to increase with time.
Bernard and June Clark were a Thatcherite success story; they exercised their right to buy their council house and created a nest egg. Perhaps for the first time in their family history, there was something to pass on to their nearest and dearest.
Inheritance tax (IHT) and Capital Gains Tax (CGT) share the handle of 'capital' taxes. They have an uneasy relationship. They’re comfortable when doing their own thing; CGT a charge on capital profits, IHT a levy on the value in a deceased’s estate. But there are many occasions when they both come into play, giving both opportunities for effective planning and expensive traps for the unwary.
Many people have very strong and specific wishes as to the nature and conduct of their funeral but they won’t be around to know if those wishes are carried out. Under the present law, the executors appointed under the Will have ownership of the body and are, technically, the decision makers for funeral arrangements. They are not obliged to follow any funeral wishes expressed in the Will.
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