104004 Pierce UDS Advert _87.5x130mm_Layout 1 20/04/2021 09:36 Page 1
THE CASE FOR MAKING AND REVIEWING YOUR WILL
by Anne Wilson Senior tax manager, Pierce
The traumatic events of the last year should be enough to convince everyone of the wisdom of making or updating a will.
More than half of the UK adult population have not prepared wills. The reasons for making a will include
• Practical; it is easier for your estate to be administered if you have a will.
• Emotional; it can cause difficulties for loved ones if you have no will, not to mention the potential for family members to fall out.
• Financial; there may be opportunities when drafting your will to ensure that any inheritance tax on your estate is minimised. The legal costs of administering the estate may be increased if you have no will.
• Often, considering one’s will highlights actions that may
be required to be taken in one’s lifetime
• Peace of mind; knowing that you made a will which reflect your wishes.
• Life events; if you already have a will, does this need to be updated to deal with life events such as the death of a spouse, remarriage, the birth of a child or grandchild?
If you die without making a valid will your estate may not be dealt with in the way that you would wish as the intestacy rules would apply.
It is particularly important to make a will in the case of second marriages where there are children from the first marriage.
We can assist with inheritance tax planning, including setting up family trusts, and work closely with solicitors to help you draw up a will that meets your needs.
WHEN IS A GIFT NOT A GIFT? by Nicola Turner
Senior associate solicitor, Napthens
As people get older it is quite common to ask family members to formally or informally manage their finances, allowing access to bank accounts and assets.
They may also want to make gifts to family and friends during their lifetime.
Sadly, disputes can arise when informal arrangements are in place and ‘gifts’ made.
In a recent court case an elderly woman allowed her daughter- in-law to informally manage her finances. She later claimed her daughter-in-law had, without authorisation, transferred money from her account, transferred ownership of her home, and contributed thousands to the purchase of another house. The defendants argued these were gifts.
The court found the defendants had abused the woman’s trust and
the ‘gifts’ could not possibly have been considered as gifts as they were made without her knowledge and intention.
The court confirmed the importance of ensuring all parties to a gift know and understand the transaction is intended as a gift. Without proof of full knowledge and intent a gift can be challenged.
If you plan to make a substantial gift, seek advice from your solicitor who will explain the consequences and can prepare a Deed of Gift. If the gift was later challenged, this will evidence you understood and made the gift of your own free will.
And if looking to minimise inheritance tax payable on your estate by making gifts of assets during your lifetime, a deed allows you to clearly record and track when and to whom the gift was made.
LANCASHIREBUSINESSVIEW.CO.UK H7200 - Napthens LBV advert - Private Client 3
people.indd 1 08/04/2021 10:03 We provide solutions Providing core accountancy services with quality and
swiftness whilst focusing on the future of your business and finding solutions to your problems. Some of our solutions: • Business Strategy
• Pre year end planning • Staff incentives
• Re-structuring your business
• Selling your business • Buying a business
• Management / family buy outs
• Acquisitions
• Raising finance • Forecasting
• Trust and estate planning • Tax investigations
• Research & Development • Business Valuations
Give us a call to discuss
how we can help your business 01254 688100
Email:
l.kennery@
pierce.co.uk www.pierce.co.uk
napthens.co.uk
For life’s biggest challenges Together is better
Moving home. Solving disputes. Divorce. Probate. Estate planning. Complicated issues, often a worry. But the support and advice from our experienced lawyers will guide you through the process. When you’re facing life’s big decisions, together is better.
Email
together@napthens.co.uk or call 0345 671 0276
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WILLS AND PROBATE
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