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4 Ways to Avoid Paying 40% UK Inheritance Tax
I'm young and don't need a will... do I?
HOW TO exclude someone from your Will or Estate with no problems
Can I Rewrite My Will After Death? - Deed of Variation
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Q: "Is my will a public record?"
A: It will be when you die.
Here at Maplebrook Wills Limited we operate under a code of ethics and confidentiality. You can trust us that your private details are kept securely.
When you pass away, the people/ professionals legally responsible for dealing with your estate - they're the executors - usually have to apply for Grant of Probate in order to do so.
When probate is granted, wills of those in England and Wales become accessible to anyone. (The process varies in Scotland and Northern Ireland, but the will still ends up on public record.)
So anyone can apply for access to it, whether or not they're a family member.
Exceptions to this include wills of the Royals! ⛔️
If you don't want specific inheritance details to be public knowledge, one answer is to use a will trust. This type of document allows some information to be kept private.
Your private preferences of people you'd like to benefit/ not benefit can go into a separate Letter of Wishes. The trustees will be able to understand and act on those preferences, without it going to public record.
Need advice on writing your will, or setting up a will trust?
One of our legal consultants will be happy to help.
Email now: answers@maplebrookwills.co.uk
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DID YOU KNOW?
Pension assets are NOT passed on as part of your estate – whether or not you have a will.
It’s why inheritance preferences for any pension pots you may have aren’t written into your will.
Any unused pension nest-egg you’ve carefully nurtured might not go where you want it to, when you pass away.
What happens to pension assets, then?
A company or private pension can sometimes be left to someone you specify, but it will depend on the specific pension terms.
If your pension has death benefits, the provider should allow you to complete an expression of wish form or a nomination form. This will explain who should receive the benefits in the event of your death.
Pension providers have different terms, so it will certainly be worth checking with yours.
Especially since you may’ve taken out a pension scheme a long time ago… circumstances change, relationships come and go, children come along…
Even if you once informed the provider of your preference, that could easily have changed since then.
You may also wish to seek advice about mitigating a negative inheritance tax burden, if choosing to pass a large sum to a spouse/ partner.
We recommend speaking to your pension provider, updating any requests as needed, and then make sure to ask for a free callback from one of our legal consultants.
Maplebrook Wills Limited is able to help you with the wording that’ll ensure your assets will go where you want them to.
0117 440 1555
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It's entirely up to you who you leave your estate to, but if there are people you support or who rely on you financially - most likely close family members - that for some reason you choose to exclude, they could challenge your will through the courts and it could be overturned.
For example, recently it was reported that renowned sculptor, Laurence Broderick - famous for sculpting 'The Bull' in Birmingham's Bull Ring shopping complex - has settled a £5m court battle with his sons after cutting them out of his will and leaving everything to the National Trust.
Click below to read more.
And remember to request a callback from one of our legal consultants if you're concerned about getting the correct wording for your will, which will avoid a costly challenge!
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It's entirely up to you who you leave your estate to, but if there are people you support or who rely on you financially - most likely close family members - that for some reason you choose to exclude...
Did You Know?
Appointing guardians through your will is the only way to be sure your under18s will be looked after by the people you'd want, should the worst happen.
In the absence of guardians appointed by you, the court will decide who'd be responsible for your kids if they're orphaned.
And that might not be the same people you'd choose.
Maplebrook Wills' legal consultants are here to help.
Straight-talking. Affordable. Acting with integrity and kindness. Reach out today.
#TheFutureCanBeWritten
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Owners of small limited companies (<£1m turnover), landlords and tradespeople… this is for YOU.
You wouldn't fit a smoke detector after the fire starts.
It's the same for protecting your assets *before* anything goes wrong.
Noone plans on their business failing, or on it folding. (None of us planned on a pandemic causing businesses to collapse.)
Did you know, HMRC has legitimate powers to pursue lost company taxes, as business owners experiencing insolvency become *personally* liable?!
Your home, personal wealth, family security… they would be susceptible, if things in your business go pear-shaped.
Adding insult to injury… losing your business and then your home too?!
SOLUTION: As a small business owner, it is possible to protect these, with appropriate estate planning.
Timing is critical though. Hence the smoke alarm analogy, in case the worst should happen 👩🚒
Speak to one of our advisors to find out more. Request a call back, by messaging us today.
Maplebrook Wills Limited
#TheFutureCanBeWritten #Protection #BusinessOwner #SmallBusinessUK #SmallBusinessChallenge #SmallBusinessUK #FamilyProtection
Can I set my will so that everything goes to my other half, whichever one of us dies first?
YES! It's called a mirrored will.
This is when a couple makes wills that pass either all, or most of, their assets, to their wife/ husband/ civil partner.
In fact, you don't even have to be married.
Creating mirrored wills is a good idea since you can make the most of certain allowances to pay less inheritance tax.
A mirrored will doesn't have to be an exact copy of your other half's… say if you have a specific item, such as your grandad's war medal, you'd like to leave to someone specific. And your other half has a particular godchild they want to leave a legacy to.
Let us know if you'd like to find out more about mirrored wills - your local legal consultant will explain all.
Priced £249+vat, for both wills; no hidden charges.
Call now to arrange a free appointment 0117 440 1555.
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