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If you’ve not heard yet, you only have a few days left to organise your Enduring Power of Attorney. Officially, you have until September 30th to get it in place, at which time EPAs will be replaced by Lasting Powers of Attorney. If you lose mental capacity because of dementia, you will need someone else [...]
Q. I’m looking at getting my Wills and EPAs sorted out. What type of solicitor should I contact or will any type suffice? A. In our experience, you DEFINITELY want to deal with a solicitor who is experienced with probate and drafting wills etc as part of their daily routine. The main benefit to you [...]
This week, Julie Hutchison, estate planning specialist at Standard Life explores EPAs/LPAs. After signing a will, the second most important document a person signs is arguably an Enduring Power of Attorney (EPA). It is the document that grants power to another named individual or individuals to deal with your financial affairs in the event of [...]
Q. My 83-year old mother is looking to enter into an Enduring Power of Attorney, appointing her three adult offspring, jointly or jointly and severally. What are the pros and cons, ramifications of each? A.We’ve asked one of our legal contacts to comment on your question. Here’s their reply… In very simple terms, if you [...]
Q. As a retired doctor, I find that my Inheritance Tax position needs urgent attention. I understand the rules about gifting lump sums and the issue of "Potentially Exempt Transfers (PET)", but I am confused as to the rule about gifting from income. How does this work? A. This is an often ignored and underused route [...]
You may or may not know what an Enduring Power Of Attorney is (or is designed to do), but it is being replaced very soon by a revised version known as a Lasting Power Of Attorney, and the consensus between the solicitors we have talked to agree that the old system may well be better, [...]
Q. What steps do I need to take to find out my Inheritance Tax liability? A. What you need to do is: – work out your estate value, which will include any proceeds from life assurance policies that are not written under trust. – deduct any debts – take the resulting figure and deduct £285,000 (the [...]
The revenue generated by inheritance tax has reached £1.7bn in the first 6 months of this year, according to figures released by Halifax Bank. Their research also indicates that the TOTAL annual IHT revenue has increased from £1.7bn pa to £3.3bn pa since 1998, mainly because of house price increases during this period. It is [...]
The Chancellor made three important announcements in the last Budget regarding inheritance tax. Let’s take a look at the impact of these and what action you can take: (i) the nil-rate band, the starting threshold for inheritance tax, will increase in stages to £325,000 for tax year 2009/10. For tax year 2006/07 it is £285,000. (ii) the current [...]
Q. I am a married 75 year old retired doctor. When browsing through a money magazine it mentioned that many people do not have correct wills, but even more do not have an Enduring power of Attorney. It did not then explain what this is. What is an Enduring power of Attorney? A. This is a little used arrangement to [...]
