Sadly, some 75% of adults in the UK have not made a Will (i.e.they will die intestate). If you die without making a Will, you may leave your family months/years of financial hardship, grief and expense sorting things out. Social Services will decide who would look after your children, and initially they may even be fostered!.
Your children will inherit part of your estate, but may have to sell the family house first. Having paid some 40% in income tax during your whole lifetime, many of us strongly object to our beneficiaries having to pay 40% again in Inheritance Tax when we die. This tax is often called "the only voluntary tax in the UK" as it is often avoidable.
Your children will inherit part of your estate, but may have to sell the family house first. Having paid some 40% in income tax during your whole lifetime, many of us strongly object to our beneficiaries having to pay 40% again in Inheritance Tax when we die. This tax is often called "the only voluntary tax in the UK" as it is often avoidable.
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Wills
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Paul Jones died aged 40 owning a house and business worth a total of 1 million. His wife, to whom he had been married for 15 years survived him but sadly they had no children. Also both his parents had died and he was an only child. Even more sadly, Paul had not made a will. The rule meant that his wife was only entitled to the first 500,000 of his estate.
Inheritance Tax
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Inheritance Tax principally is tax paid as a result of your death on all your estate: house, savings, car, antiques, household items, life policies, cash lump sums, inheritance from parents etc. The first 325,000 is tax-free. Everything over 325,000 is taxed at a rate of 40%. So, on a total estate of say 400,000, there would be a tax bill to be paid of over 30,000.
Probate
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Trusts
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A Trust is a legal arrangement (also known as a "Settlement") that enables you to give away assets but restrict or direct how and when they are used. Trusts can be used to make gifts in your lifetime and they can also be set up under the terms of a Will. Maintaining control: You might not wish to give assets to someone who is not good at handling money, for example, someone with a careless financial record or a person who lacks mental capacity.
Lasting Power of Attorney
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This is where someone is given legal authority to act on your behalf in financial matters in your best interests e.g. when you are out of the country. It becomes invalid when you lose mental capacity to manage your own affairs. It also stops on your death. This is a Power of Attorney which continues after you might become mentally or physically incapable of handling your own affairs.
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