Since 1994, The Society of Will Writers has been growing to form a network of over 1,700 Professional Estate Planners in the UK, and even further afield in places such as central Europe and Asia making us a truly international organisation. No longer are solicitors your only option when writing a Will. In fact, a…
IPDI or not IPDI? …That is the question. You often see Life Interest Trusts and Right to Occupy Trusts discussed together, and for good reason as they do share some similarities. This week we give a basic overview of their differences, specifically when it comes to Inheritance Tax (IHT) treatment. In brief, Life Interest Trusts…
When it comes to estate planning it’s very important that you know how you own your property. Is your property owned by you or your partner solely? If you own the property together do you know if you own it as ‘joint tenants’ or ‘tenants in common’, and what implications this will have for your…
The importance of having a valid Will that is fit for purpose is not to be underestimated. In the UK Will Writing is an unregulated profession – this means that anybody can write a Will, whether it be for themselves, or for somebody else. With many Will Writing companies throughout the UK it’s now easier…
When distributing gifts made in a Will what happens if there is are missing beneficiaries? This short article explains: Personal Representatives (PRs) have a duty to ensure that the estate is distributed to the correct beneficiaries. This involves first ascertaining who those beneficiaries even are, in the case of a gift made to a group…
Inheritance Tax and You Inheritance tax (IHT) receipts have surged by an astounding 22.9% in the first quarter of the tax year, and according to HMRC the amount of IHT paid in the last year has reached an all-time high. But what does this mean for the average person? We cover the basics on IHT.…
When a beneficiary dies before the testator, the gift or legacy to them will lapse/fail and fall into the residue. Under section 33(1) of the Wills Act 1837 as amended by the Administration of Justice Act 1982 s19, if a will contains a devise or bequest to a child or remoter descendant of the testator;…
The Society of Will Writers turns 23 this year! In April of 1994 five gentleman including the current Director General, Brian McMillan started a trade association for Will Writers. Over the last 23 years the SWW has grown to become the largest and most respected organisation of it’s type. This organisation still has the same…
An Introduction to the Residential Nil Rate Band By now you have probably heard about the Residential Nil Rate Band (RNRB), which has also been referred to as the Main Residence Nil Rate Band or simply ‘the family home allowance’. This new allowance was announced in the Summer 2015 Budget and will take effect from…
