Gifting can sometimes be an effective way to reduce your future potential Inheritance Tax (IHT) liability after your lifetime. However, you only need to consider this if there would be a potential IHT liability after your death OR you have other genuine reasons to make gifts to other people. Will there be an Inheritance Tax …
Inheritance Tax and Investment Property
Investment Property is NOT Automatically Exempt from Inheritance Tax (IHT) It is widely recognised that although most ongoing active businesses are exempt from Inheritance Tax (IHT) upon the death of the owner(s) or controlling shareholder(s), businesses where the main activity relates to investment property or properties are NOT exempt from potential IHT liability. Can I …
Who can Contest my Will or my Estate?
When someone does not inherit from an estate but believes that they should, they may have grounds to contest the Will of a deceased person or contest the law of intestacy if there is no Will. Whether they will be successful with their claim depends upon numerous factors including whether they were financially dependent upon …
Vulnerable Adult Beneficiaries of a Will
Beneficiaries of Wills may be vulnerable for many reasons, including but not limited to learning difficulties, illness, and addiction. How do we provide for a vulnerable (and possibly dependent) adult Beneficiary in our Will? The beneficiary’s vulnerability is not as important as their care needs, and the solution is known as a Vulnerable Person Trust. …
Beware DIY and Free Wills TRF Wills – Wolverhampton Office
TRF Wills are delighted to announce that we now have a full-time consultant covering Wolverhampton and its surrounding geographical areas. This article is an in-depth look at DIY and Free Wills from TRF Wills – Wolverhampton Do-it-Yourself (DIY) Wills If you have been considering creating your own Will, you are totally at liberty to do …
Beware DIY and Free Wills TRF Wills – Wolverhampton OfficeRead More
A Will is NOT Simply a List
A Will is NOT simply a list of who does what, and who receives what, after we die. If that were the case, then there would be little need for solicitors and professional Will Writers because people would merely prepare such a list at their own convenience. Here are a few examples of potential issues …
Jointly Owned Property and Wills – The Connection
Jointly Owned Property and Wills: If you own your property as Joint Tenants with another person or people, you may decide that you want to change the ownership, so it is then held as Tenants in Common instead. This will enable you to gift your share of the property to someone other than your co-owner(s) …
The Relationship Between Wills and Probate
Wills and Probate: Wills are a legally binding confirmation of who does what (e.g., Executors, Guardians, Trustees, etc.) and who receives what (e.g., Beneficiaries of the assets within your estate). When created locally by a suitably qualified and insured professional Will Writer, and in accordance with your specific circumstances and requirements, Wills are also powerful …
Beware So-Called “DIY” and “Free” Wills
How do I Create a DIY Will? A person is at liberty to draft their own Will if they so wish, and therefore pay only for the ink and the paper required to create it, or the cost of a “DIY” Will kit from a High Street stationery shop. Any such “DIY Will” should be perfectly …
Wills and Vulnerable Beneficiaries
Will beneficiaries can be vulnerable for many reasons, including but not limited to learning difficulties, illness, and addiction. How do we provide for a vulnerable, possibly dependent adult Beneficiary in our Will? The beneficiary’s vulnerability is not as important as their care needs, and the solution is known as a Vulnerable Person Trust. Vulnerable Person …
TRF Wills and the Society of Will Writers
All consultants representing TRF Wills are members of the Society of Will Writers (SWW). The Society of Will Writers was founded in 1994 and has been protecting and serving the interests of the public for over 28 years. With close to 1,800 members, the Society of Will Writers and its members continually strive to promote …
Reasonable Provision for Estranged Family Members
When a disgruntled family member (the applicant) attempts to contest a lack of, or insufficient, provision for them from a deceased person’s estate, then the courts apply a two-stage test, so what is reasonable provision for estranged family members. Firstly, the court considers whether the Will or Intestacy (if there is no Will) of the …