Each year, the thresholds for inheritance tax are supposed to increase in line with inflation. However, successive chancellors have chosen to freeze them at their 2021 level to generate revenue. This decision has led to more estates being subject to inheritance tax as house prices, asset values, savings, wages, and inflation rise over time. When …
If, indeed, he maintains that you and your brother will receive the full sum of money from your parents’ house, I am curious to know what outcome would bring you satisfaction. Considering that the money is currently tied up in the house he purchased with his fiancee, would you desire her to be obliged to …
Appointing a trusted individual to manage your affairs should bring peace of mind. However, the process of setting up a lasting power of attorney (LPA) can be complex and fraught with potential pitfalls. Even small errors, such as submitting shortened names or using too much Tippex, can cause delays or lead to rejection by banks. …
Rebecca Smyth, who goes by a pseudonym, has been waiting for four years to receive her share of her late father’s £250,000 estate. Despite numerous letters from her and her sister to their estranged brother, who was appointed as the estate administrator, they have yet to receive the funds they are entitled to as direct …
Some individuals are facing the challenge of inheriting investment portfolios that have significantly decreased in value due to stock market volatility. For instance, Mr. Richards, a financial advisor, shared a story of a client who lost £1 million because probate delays forced them to sell their £3 million portfolio after the Ukraine war started, resulting …
Sorting out the finances of a deceased loved one is a challenging task, but having a clear understanding of the probate system can greatly alleviate stress and save time. If you have been designated as the executor in a will, it is your responsibility to handle the financial affairs of the deceased. However, banks and …
When it comes to inheritance tax, the final amount due remains the same, but how the estate is divided is usually determined by the will. A will can specify that any property left to nieces and nephews is exempt from inheritance tax, meaning that the property can be passed on without the tax liability, while …
If you’re having trouble finding information about your parent’s pensions, The Pension Tracing Service can assist you for free. Other companies offer this service but may charge a fee. You’ll need to provide some information like your parent’s previous employer and when they were part of the pension scheme. Gretel is another free service that …