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 …
Solicitor v Local Professional Will Writer
Some people understandably believe that they will get a superior product and service if they use a solicitor rather than a local professional Will Writer. However, a Will is either legally valid or it is not, whether it is provided by a solicitor or a local Will Writer. A qualified solicitor is accountable to the Solicitors …
Have you Unknowingly Invalidated your Will?
Are you aware of some of the different ways in which your Will could be affected by a change in your circumstances, or vice versa? Have you Unknowingly Invalidated your Will? A New Property Purchase If you purchase a new property with another person, this may have implications if your locally arranged Will (see previous …
Inheritance Tax Allowances
Inheritance Tax (IHT) is payable on death or at certain stages during lifetime. For the purposes of this post, we will only look at the Inheritance Tax Allowances charge payable upon a death. Upon death, our Representatives will calculate the value of our estate, including the value of our assets i.e., property, money in bank …
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 …
Disabled Persons Trust
The term “Disabled Persons Trust” is one that was created within the legal system. It is a term in no way endorsed by TRF Wills and we refer to it reservedly and solely because it is currently widely used and recognized within the Wills and Trusts industry. When someone wishes to provide in their Will …
What is a Discretionary Trust?
A Discretionary Trust is a type of trust where the Trustees are given complete discretion to pay or apply the income or capital of the assets for the benefit of one or all its Beneficiaries. The Trustees have control over how much to distribute at any given time, when to make distributions and to whom …
Inheritance Tax Avoidance – Devon Wills
Inheritance tax (IHT) is payable upon death or at certain stages during lifetime. For the purposes of this post, we will look at the IHT charge payable upon death which relates to the deceased’s estate. Upon death, the Executors will calculate the value of the estate including the value of any assets i.e., property or …