The Nil Rate Band (NRB) is the threshold up to which an individual's estate is not subject to Inheritance Tax (IHT) in the UK.

Both are important documents: Maybe LPA’s edge it in urgency!

Sideways disinheritance occurs when an heir, typically a child, is unintentionally disinherited due to family changes—most commonly remarriage after the death or divorce of one parent. In such situations, the assets that were meant to pass down to the children from the first marriage could end up in the hands of a new spouse or their children, leaving the original beneficiaries (the first spouse’s children) with little or nothing.

Sideways disinheritance occurs when an heir, typically a child, is unintentionally disinherited due to family changes—most commonly remarriage after the death or divorce of one parent. In such situations, the assets that were meant to pass down to the children from the first marriage could end up in the hands of a new spouse or their children, leaving the original beneficiaries (the first spouse’s children) with little or nothing.

Creating a Will is one of the most important steps in ensuring your loved ones are taken care of after you pass away. While it may be tempting to write your own Will to save time and money, this process comes with significant risks. A do-it-yourself (DIY) Will might seem straightforward, but without proper knowledge and preparation, it can lead to unintended consequences for your estate and heirs.

Lasting Powers of Attorney (LPA) are vital legal documents that ensure someone you trust can make decisions on your behalf if you become unable to do so. Here are key reasons why LPAs are essential:

Inheritance Tax (IHT) is a financial consideration that comes into play when an individual's estate—comprising assets like property, savings, investments, and possessions—is passed on after their death. While it is often perceived as a complex and daunting subject, understanding the basics of inheritance tax can help individuals plan their finances and ensure their loved ones are prepared for the future. Here's a guide to what inheritance tax is, how it works, and tips for managing it.

Recent changes to UK Inheritance Tax (IHT), announced in the 2024 Autumn Budget, introduce significant reforms that will impact estate planning:

The Asset Protection Trust (APT) is a lifetime trust, i.e. one set up during your lifetime rather than within your Will. The APT provides a means by which you can continue to use and enjoy your assets during your lifetime but on your deaththe assets in the trust will pass to your chosen beneficiaries.

Buying a "cheap will" or using inexpensive, one-size-fits-all will templates can seem like a smart cost-saving measure, but there are several potential risks and downsides to consider:

A Discretionary Trust is a trust that leaves the distribution of trust property (either capital, income, or both) to the absolute discretion of the trustees.

The Flexible Life Interest Trust (FLIT) incorporates two separate Life Interest Trusts into a Will. The first holds the main residential property (or share), much like a PPT; the second captures the residue other than chattels (personal possessions). Effectively, the FLIT extends the protection and ring-fencing offered by the PPT to assets beyond the residential property.

The Right of Residence Trust (ROR) is a form of Immediate Post-Death Interest (IPDI) Trust incorporated into a Will. The ROR allows the testator to give a chosen beneficiary a right to reside in a specified property either for their lifetime or for a specific time period. This beneficiary is called the occupant, and they never own the property absolutely: they only have the right to live in it for the chosen duration or until a specified event. When the occupant no longer has the right to benefit from the property – when they die, move out, or when the trust ends – the property passes on to beneficiaries known as remaindermen. These beneficiaries are named in the will at the outset.

The Property Protection Trust (PPT) is a type of Life Interest Trust incorporated into a Will. It allows the testator to give a lifetime interest in their share of the main residence (or the whole beneficial interest in the main residence if this is solely owned) to a beneficiary of their choice, who is then known as the life tenant. The testator also chooses other beneficiaries at this time, who are known as the remaindermen.

When thinking about planning for the future, many people shy away from discussing one of the most crucial legal documents they’ll ever need: a will.

The Challenges of Writing Your Own Will: What You Need to Know.

Creating a will is one of the most important steps in ensuring your loved ones are taken care of after you pass away. While it may be tempting to write your own will to save time and money, this process comes with significant risks. A do-it-yourself (DIY) will might seem straightforward, but without proper knowledge and preparation, it can lead to unintended consequences for your estate and heirs. Below, we explore the common problems associated with writing your own will and why professional guidance is often a safer route.

This blog explores some of the most common myths and misunderstandings relating to Wills

A Will isn’t just for the elderly. If you’re a parent of children under the age of 18 then it is vital that you create a valid Will to appoint guardians who will take on parental responsibility for them in the event of your death.