Author: Soteria Trusts

Lasting Powers of Attorney: What they can do for you

It’s common knowledge that setting up an estate plan while you are alive allows your wishes to be easily followed after death. What isn’t commonly discussed, however, is how Lasting Powers of Attorney can provide peace of mind during your lifetime. These particularly important documents apply only whilst you are alive and are totally separate…
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Will Writing – A step by step guide

Writing a will is an important part of ensuring that your assets and belongings are properly distributed after passing. It can be a daunting and overwhelming task if you don’t have all the necessary information—but it’s also one of the most crucial steps for ensuring that your loved ones are taken care of in the…
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Why do you need an Estate Plan?

Are you familiar with estate planning? Whether this term is new to you or something that’s on your radar already, the reality is that it’s an important concept for anyone, especially if you have young children and other loved ones, as well as assets of a reasonable value. Creating an estate plan doesn’t have to…
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Who will inherit if there is no will – the UK intestacy rules

When an individual passes away unexpectedly without a valid Will, their possessions and overall estate becomes subject to a set of rules known as the “rules of intestacy”. While these rules are set with logic to ensure the closest family members receive the bulk of the estate, it may not reflect one’s actual wishes. So,…
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More people pay IHT, HMRC data shows 

It’s no secret that the inheritance tax threshold hasn’t been changed in years, ultimately leaving ordinary families with a large tax to pay. But what you may not know is that this number is only going up – and fast.  More families fall into the Inheritance Tax net   HMRC data shows that an increasing number…
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UK wealth taxes explained

UK wealth taxes are taxes levied on the value of an individual’s assets. This includes property, savings, and investments. They are designed to prevent large concentrations of wealth from being passed down through generations, but also to fund public services such as healthcare and education. These taxes can be controversial because it can be difficult…
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Are UK property taxes high?

The United Kingdom is a country with many different types of taxes, most of which are high when compared to other countries. The ones that affect property owners the most are income tax, capital gains tax, and Stamp Duty Land Tax. A 2019 Tax Foundation report found that property taxes accounted for 12.4% of total…
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How to update your estate plan after a divorce

Life often throws us the unexpected, and they don’t come much bigger than the breakdown of a marital relationship. There’s no such thing as an easy divorce, even when things are reasonably amicable to start with. Once the lawyers get their teeth into it, things can get challenging, often emotional and almost always expensive. For…
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Rising UK property prices increase IHT bills

What happens if I don’t pay IHT?

The UK’s standard Inheritance Tax (IHT) rate is 40%. IHT must be paid by the executor on the net worth of the deceased person’s estate above the tax-free threshold of £325,000 per single person or £650,000 per couple. However, paying Inheritance tax is not always a straightforward matter, particularly if the amount due is more…
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Locating important documents when someone dies: How to find a Will

Locating the important documents of somebody who has just died is often a cause of additional stress and anxiety for family members. The first and most important of documents needed at this time is the Will, which specifies how the estate will be divided after the Testator’s death. Locating a Will and other important Estate…
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