Wills sound like something that you should only need after you pass away. However, you can also create something called a Living Will, also known as an Advance Decision. Although it may not be for everyone, there are many benefits associated with creating this form of Will. Living Wills If you are over the age […]
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Creating your Will comes with many potential mistakes and pitfalls. The laws surrounding Wills and probate are complex, and these common mistakes can have major consequences for your loved ones in the future. 1. Having the Wrong Witnesses Although you may know that all Wills need two witnesses to be valid, you may not know
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There are approximately 5.9 million small businesses in the UK today. Owning a business or having shares in one can have a significant impact on your Estate planning and your Will. If you have not thought about what will happen to your business or have not considered any potential business agreements that may conflict with
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Trusts are an area of estate planning that is shrouded in myths. Many people are unsure of how they can use them to their advantage and may be under the impression that they are only for people with millions in assets. However, this is not the case – no matter your assets, there are many
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Once you have created your Will, you might be tempted to put it away and not think of it again. Everything will have been drawn up exactly as you wanted it to be when you wrote it, with your assets going to your chosen beneficiaries. However, things can change, and your wishes and circumstances may
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The world of Inheritance Tax (IHT) is a minefield. As many people are unaware of how they can minimise the amount of Inheritance Tax payable on their estate, their estate can incur heavy taxes upon their death. The Planning Bee is here to help – keep reading for our complete guide to Inheritance Tax. What
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Will writing services are alternatives to having your Will drawn up by a solicitor or writing it yourself. Often cheaper than approaching a legal firm, these services come hand-in-hand with several benefits. Why Will Writing Services Are Not Regulated The Solicitors Regulation Authority (SRA) regulates solicitors, which protects the testator from mistakes in the Will.
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Wills are critical legal documents that must be accurately written, signed, and witnessed for your wishes to be carried out after your death. But how do you properly witness a Will and have yours witnessed in turn? Several caveats come with being a witness that must be followed for the Will to be valid. Witnesses
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No one wants to be hit with a huge Inheritance Tax bill after a bereavement. However, new measures have recently been introduced to reduce this taxation, meaning you can leave more for your loved ones. What Is the Residence Nil Rate Band (RNRB)? A measure that enables an additional amount of your estate to be
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A Flexible Life Interest Trust (FLIT) arises when a beneficiary (usually a spouse) is left a lifetime interest in property (and often assets). This means that the beneficiary is entitled to receive income from the Trust, for life, but they are not entitled to receive capital as this will often pass to children from a
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