Research* indicates that there is a significant section of society who haven’t even considered the importance of later life planning.  Whilst most of us understand the importance of making a Will (and maybe still haven’t actually got around to making one!) there is much less understanding of the need and uses for making Lasting Powers of Attorneys (LPA). Over a third of respondents had not even heard of an LPA and were unaware of the potential importance it may have for planning their later life.

Read more ... →

In 2017 the rules on Inheritance tax (IHT) changed, with the intention that eventually married couples and civil partners will be entitled to pass on assets worth £1 million, including the family home, without paying any inheritance tax by adding a new Nil Rate Band for your main residence, to the standard Nil Rate Band. 

Read more ... →

Joint Tenants or Tenants in Common

There are 2 ways of owning a property* – Joint Tenants (JT) or Tenants in Common (TIC). When a property is bought and registered with the Land Registry, the electronic title deeds will show who the owners of the property are.  We no longer require paper deeds. Properties are often owned as JT.  For example, if a couple (married or co-habiting) buy a house it’s usually as joint tenants (JT).

Read more ... →

This could affect you.

Separate accounts? Separate property? Separate children? These days, it’s not only our families that are more complicated, but also our finances.  It’s quite common for couples to separate their finances, or some of them.  Even if you have joint bank accounts, there may be separate ISAs and savings, credit cards, bills, investments, pensions, etc.  Even if you have a joint bank account, if one of you loses capacity (for example has dementia) the bank can freeze the joint account and ask the remaining partner to apply to the Court of Protection to allow them access to the money.

Read more ... →

Separation

If you have an existing Will which names your partner or spouse as beneficiary to inherit all (or some) of your assets, then this will still happen, even if you have legally separated and have made a separation settlement of finances.  This can include property, savings and your business.  If you haven’t yet divorced or made a new Will, the old Will still stands. 

Read more ... →