Pensions and Inheritance Tax: New Rules from April 2027 For many years, pensions have played a valuable role in estate planning because, in most cases, unused pension funds fell outside the inheritance tax (IHT) net. That position is changing. From 6 April 2027, the Government intends to bring most unused pension funds and pension death [...]
Crypto Scam Warning: “We’ve found your Bitcoin” / “Recovery Agent” Emails What this looks like Some clients receive convincing emails claiming the sender has found a cryptocurrency account or wallet in the client’s name and offering to “help recover” funds. These messages often include official-looking details (company numbers, FCA links, addresses) to build trust. Why [...]
Why does a will sometimes specify an inheritance age? Many people choose not to leave an inheritance to a beneficiary outright at 18. Instead, a will may specify that a gift is received at a later age, such as 21, 25 or 30. This is usually done to: allow beneficiaries time to mature; protect younger [...]
Digital assets are to be formally recognised in law with the Property (Digital Assets etc) Act receiving Royal Assent this week. Previously many digital assets, including cryptocurrency or non-fungible tokens, had undefined legal rights. The updated legislation will formally recognise digital assets as personal property in the eyes of the law and can be treated like traditional [...]
Who can and who cannot witness signatures on a Lasting Power of Attorney (LPA). (in England and Wales only) ✅ Who can be a witness? A witness must be: ✔ 18 or over ✔ Of sound mind ✔ Not the person signing the document at the same time ✔ Able to confirm they actually saw [...]
More than half of UK adults are unaware marriage revokes a Will according to research conducted by charity consortium Will Aid. The annual campaign which returns in November, has conducted a survey of 2000 adults and found 56% of respondents were unaware of this rule. The current legal position was part of the ‘Modernising Wills [...]
Currently, if someone has more than £23,500 in personal assets, local authorities can legally require them to pay for their own care until that threshold is passed. People who give away assets to avoid paying local authority social care costs can be accused of 'deliberate deprivation of assets'. If proven, then the family can still [...]
WHEN SOMEONE DIES the law requires Personal Representatives (PRs), usually the executors or an administrator if there is no will, to pay all or part of the Inheritance Tax (IHT) due on the deceased’s estate BEFORE they can obtain a Grant of Probate. Remember, none of the assets in the estate can be accessed until [...]
In July last year, the Financial Conduct Authority published their PS22/9 new Consumer Duty. What will this mean for YOU… It has set higher and clearer standards of consumer protection across financial services and will require firms to put their customers’ needs first. We have always done this but now we can be formerly held [...]
The Inheritance Tax Nil Rate Band was set at £325,000 in 2009 and The Residential Nil Rate Band, which was introduced in 2017, initially stood at £100,000 and was planned to increase gradually over the years. By the 2020-2021 tax year, it had reached £175,000. The rates were due to be index linked (CPI) from [...]