You can give any amount of money or assets to your spouse or civil partner free of inheritance tax, providing they are UK domiciled or deemed domiciled.
What exactly is a "Business Will"? Anyone that is in business can write a Will that covers their business. The business can be in the form of a sole trader, a partnership or limited liability partnership (LLP), or a limited company.
In later life we expect to perhaps become forgetful, but none of us believe that we could lose our mental capacity, because those sorts of things happen to other people, not us. After all " I'm only 50, I'm only 60, I'm only 70" etc. Mental decline may occur slowly over time or by a sudden event such as a stroke
Validity To check it is valid. Has it been signed and witnessed? Often I seen clients that have used a solicitor, paid for the Will, and have only been left with a draft, thinking it’s a valid Will. If you have married or remarried since making your Will, the previous Will is invalid.
If you have invested funds with a bank or investment house you may well have given them authority to buy and sell shares or funds, much in the same way an old fashioned stockbroker may have acted for you.
Living Wills are also known as Advance Decisions and are effectively statements of intent as to how you want to be treated when it comes to life sustaining decisions.
Politician Roy Jenkins in 1986 stated “Inheritance Tax, is broadly speaking a voluntary levy paid by those who distrust their heirs more than they dislike the Inland Revenue.”
The Wills Act 1837 is now 180 years old. Is it time for us to move on from the Victorian era and look again at whether this is all really working? Well the Law Commission thinks so…
I remember back in my days in financial services we had a rubber stamp in the office with a red ink pad that said "ACT NOW!" and where necessary we used to stamp it on client letters.
This is not in the dictionary. It is my definition of the fear of writing a Will. The bizarre situation is that there are people that have a fear of writing a Will. I don't get to meet them often, but I do talk to them!