How can you show your loved ones you really care this Christmas?

Christmas is a seen as a time for family gatherings, a time to buy gifts and show your love and gratitude to those you love. So if you’ve discounted getting Three French Hens or Five Gold Rings, what are the most important things you can do for your family?  How do you show that you love them and you care, and you are thinking about their future?

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The 7-year rule only applies to liability for Inheritance Tax (IHT).

If your total estate at death is valued at more than the Nil Rate Band (NRB)*, there will be Inheritance Tax (IHT) of 40% due on the remaining amount.

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Prior to 2007, many people prepared an Enduring Powers of Attorney (EPA) which nominates an Attorney of your choosing, and who you trust, to act on your behalf, if you were unable to manage your own affairs, for example – if you have dementia. Would the attorneys still know where to find the document when it’s needed?

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Many people don’t realise that when they get married, any previous will they’d made before now becomes invalid. So it’s really important to make a new one, especially if it’s a 2nd marriage. The family situation may be a little more complicated, so it’s a good idea to get proper legal advice about making new wills which are fair to both a new spouse and an existing family.

Children may also have a concern that their inheritance could be diminished. This is a valid concern and does often happen if good planning and proper advice has not been taken.

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None of us plan to die and leave young children, but it does occasionally happen. That's upsetting and disrupting enough, without adding financial burdens due to lack of planning.

If parents die before their children are grown up, then it’s not up to the family to decide what happens to the children. It’s up to the Local Authority to make that decision, and the decision they make might not be what the parents or the family would wish.

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