SEPTEMBER 2014 THE GOOD LIFE 19 Private client
Far too many people do not have wills, nor plan for inheritance tax
The impact on their families can be costly but steps taken on proper professional advice can avoid these issues.
will can deal with basics such as ensuring the survivor of the marriage or registered civil partnership inherits your
60% estate. Wills are
also mechanisms to appoint guardians for minor children, distribute assets between step- families and make provisions for giſts. In addition, wills let you choose who takes legal responsibility for handling your estate post- death.
Who should make a will? Many people do not make a will, assuming that everything will automatically pass to their surviving spouse or civil partner. If you die with no will but leave a surviving
spouse or civil partner and children, the survivor will only be entitled to a limited amount
of the belongings of estate plus the personal the deceased. Half of the
remainder is held on trust to provide for the survivor for life, with the remaining half passing to adult children immediately. It’s particularly important to make a will if you’re not married or are not in a registered civil partnership. A mistake oſten made by cohabitants is the belief that aſter a certain period of time the law views them as ‘common law’ husband, wife or civil partner.
Keeping your will up to date You should review your will on a regular basis and aſter any major life change such as retirement, separation, marriage, having children or divorce.
Managing your future Equally as important as making a will is creating a power to allow a person or persons to access
Alexandra Bartrope
of the population do not make a will. Tey should. A professionally draſted
your financial affairs, deal with your property and/or assist in personal welfare matters if during your
lifetime you become incapable
of managing such things yourself. You can create a lasting power of attorney to prepare for this.
Inheritance tax Tis is a tax that may be levied on your assets in respect of the value of your estate immediately at the time of death. Tere will be no inheritance tax (IHT) due
where the cumulative total of your assets does not exceed £325,000. Tis is the nil rate band which attracts IHT at a rate of 0%. Any amount over this is taxed at 40%. For married couples or registered civil
partners, the nil rate band could potentially be £650,000 before IHT is payable. Legitimate tax planning at the time of writing your will is possible to mitigate the effect of IHT and reduce the burden paid by your estate. Tese topics are important in any lifetime
planning. Our private client team would be delighted to assist and can also provide advice on trusts, estate administration, including grants of representation, court of protection matters, property services and employment matters. Moon Beever
has been practising in London for over 160 years. We take pride in our tradition of client care and service and our
emphasis
continues to be the provision of high- quality service and advice.
Equally as important as making a will is creating a power to allow a person or persons to access your financial affairs, deal with your property and/or assist in personal welfare matters if during your lifetime you become incapable of managing such things yourself. You can create a lasting power of attorney to prepare for this.
To contact us please call us on 020 7400 7770 or email our Miss Alexandra Bartrope at
abartrope@moonbeever.com or our Mr Julian Hay at
jhay@moonbeever.com
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