Not made your Will yet?
If you haven’t made a Will yet, you are leaving the distribution of your estate after your death to be dealt with by legislation that is 100 years old this year.
If you consider how much life has changed in the last 100 years, it might seem strange that legislation from shortly after the end of the First World War still dictates who should inherit on your death.
The rules make no allowances for co-habiting partners and only recognises spouses or civil partners.
First Registration
Do you know if your property is registered at the Land Registry or unregistered?
If it is unregistered, will this cause a problem if you want to sell the property or leave it to your beneficiaries in their will? Is there anything you should do? The answer is that there is nothing wrong with having unregistered title deeds - they are still valid and will prove that you are the legal owner of the property.
However, we would always advise you to consider applying to the Land Registry for first registration before you want to sell or transfer your property as it may save time during the process if there are issues to resolve.
Is your will up to date? Here’s why it matters
This Update Your Will Week (3rd - 9th March 2025), we’re joining The Association of Lifetime Lawyers to raise awareness around the importance of keeping wills up to date.
A will isn’t just a legal document - it’s your voice, your wishes and your legacy. Yet many people don’t realise how quickly life changes, which can make an old will outdated and vulnerable to being challenged.
Changing Your Name Explained
Many people go by a name that’s different from the one on their birth certificate. Sometimes it’s a small change, like altering the spelling of a first or last name, or adding a hyphen for a double-barrelled surname. Other times, it’s as simple as using a nickname that has become the norm.
While you can technically change your name whenever you like without any formal steps, it can cause problems when you need to prove your identity. If your ID is based on your birth certificate, driver’s license, or passport, you’ll need official documentation to show you’re the same person, but with a different name.
Planning Ahead
In the October 2024 Budget the chancellor Rachel Reeves made several changes to the Inheritance Tax (IHT) regulations, with a view to increasing the tax collected.
With the announcement that the government are continuing the freeze on the IHT Nil Rate Band at £325,000 and the Residential Nil Rate Band at £175,000 until 5th April 2030 it became apparent that more estates could potentially become liable to pay IHT than ever before.
Lasting Powers of Attorney - A Vital Tool
We simply can’t stress how important it is to set up Lasting Powers of Attorney (LPAs).
With the cost of living crisis still an issue for many households, making LPAs is often put on the back burner due to the costs involved. However this may prove to be a false economy in the long term.
Considering Your Digital Legacy
It's becoming increasingly important to consider your digital legacy and what will happen to your digital assets after you pass away. Research shows that fewer than 25% of people over 30 have included digital assets in their Will, despite the growing significance of these belongings.
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UK Probate service in crisis: Inquiry demands change
The latest analysis of Ministry of Justice data shows there’s been a 65% increase in year-long probate cases. The delays continue to cause significant emotional distress and financial losses for families who are already facing a difficult time in their lives.
An inquiry was launched by the House of Commons Justice Select Committee to look into the issues. Unfortunately, the committee was disbanded, and the inquiry suspended, when the General Election was called.
ICO Launches Privacy Notice Generator for Small Businesses
Employers are required to provide their staff, customers, and other individuals with a privacy notice that details certain aspects of data collection, processing, and the rights of data subjects.
To support small businesses and organizations in meeting these requirements, the ICO has developed a privacy notice generator tool.
Acting as an Executor - Part 3: Applying for the Grant
Once an executor has been identified and they have obtained values for all of the assets and debts, they can then make an application for a Grant, if it is required.
As part of the process of applying for a Grant, you may also need to complete a full Inheritance Tax return, known as an IHT400, if the estate is taxable or where the affairs of the deceased were more complex.
