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.
Wisbech solicitor urges local families to plan ahead to reduce their inheritance tax bill
Recent figures from HMRC show a 7.2% increase in inheritance tax receipts, a tax paid by a person who inherits money or property of a person who has died.
As more estates fall within the taxable threshold, it's crucial to stay informed and plan ahead. Don't let your loved ones face unexpected tax burdens.
Acting as an Executor - part two
When the executor of a Will has been identified, they can move on to the next stage of the estate administration.
This is to identify, value and secure all assets and to establish the extent of all liabilities. Some of the assets may be obvious, such as the deceased’s home (if they owned a property) and perhaps their car and jewellery. The executor will also need to find out about any gifts made by the deceased in the seven years before their death.
Acting as an Executor - first steps
Following a death the first thing to do is to establish who should deal with the estate.
If the deceased did not make a Will, there are strict rules about who should act and it is important that these are followed. If you are in any doubt about who has the right to do this you should seek legal advice.
Dying Matters Awareness Week:
Understanding Employer Responsibilities: Supporting Employees Through Bereavement
Losing a loved one is one of life's most challenging experiences, impacting every aspect of an individual's life, including their work. For employers, fostering a compassionate and supportive workplace environment is not only a moral obligation, but also essential for maintaining productivity and employee well-being.
Dying Matters Awareness Week:
Attorneys' Duties and End of Life Decisions
Making end-of-life decisions for someone who can no longer voice their wishes is a huge responsibility, but you may find yourself in a position of having to do just that if you have been appointed as an Attorney for a family member or friend under their health and welfare Lasting Power of Attorney (LPA).
