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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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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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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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 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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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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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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A complete estate plan not only takes into account your belongings and property but also your relatives and loved ones. By planning ahead, you can minimize future stress on those closest and help ensure your wishes are carried out. An estate planning checklist will remind you of the decisions you’ll need to make when implementing…
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In the 2021-22 financial year, taxpayers paid £700 million or 13% more IHT than in the previous year. A staggering increase, which was largely driven by rapidly increasing UK property prices and not helped by the recent freezing of the IHT thresholds until 2026. It’s these factors that make more and more families see the…
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Inheritance tax (IHT) is paid on what you leave behind to your heirs, who could pay as much as 40% tax on what they inherit. Estimate the value of your estate and how much inheritance tax may be due on your estate when you die with our IHT calculator below. Related: What is an estate…
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