In Britain today families encompass increasingly complex arrangements. Parliament introduces legislation which impacts us and our loved ones. On top of all that tax rules change year on year and can catch you off guard.
You may already have a Will or Lasting Power of Attorney in place but it is sensible to keep these documents under review to keep up with changes in your own personal circumstances as well as the law which governs the arrangements you have put in place.
Perhaps you have experienced one or more of the following events since making your Will or Lasting Power of Attorney:
You may be at risk of paying inheritance tax if your estate exceeds £325,000. Perhaps your estate could benefit from the transferable Nil Rate Band which could effectively double your tax free allowance? Or perhaps the Residence Nil Rate Band allowance will apply? You might want to consider making tax efficient gifts in your lifetime.
You may wish to update your Will to include a Trust if…
Nobody wants to dwell on the possibility of poor health but as we are all living longer it becomes a real concern. You can help your loved ones manage any health issues you encounter if your health deteriorates with a Lasting Power of Attorney. Without a Lasting Power of Attorney your health and financial matters may have to be managed by the Courts.
Perhaps you are an attorney who may already be managing the affairs of a loved one. Do you understand the new tests and structures which govern how you can act?
If you think that any of these issues affect you, or someone close to you, please contact Kirstin Cook
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