A spike in the amount of inheritance tax (IHT) receipts is being predicted this year as bereaved family members move to complete their paperwork before potential changes to probate fees come into effect.
A Freedom of Information (FoI) request has revealed that hundreds of thousands of Britons who were previously overcharged for Lasting Power of Attorney (LPA) registration fees have not yet claimed the refunds they are entitled to.
Previously-shelved plans to increase probate fees have been ‘resurrected’ by the Government this week, but will have a slightly lesser impact on wealthy estates than was previously expected, it has emerged.
Important life events such as getting married, moving house or having children are being overlooked by many British families, who are failing to keep their Wills regularly updated to reflect changes in their circumstances, it has been warned.
A new study suggests that more than half (56 per cent) of UK parents do not have a Will. This means that in the event of an unexpected death, their children could potentially be left without legal guardianship.
There are several potential issues that can arise from not having a will, which can also be detrimental to loved ones; but still over 60 per cent of adults in the UK have resisted getting one. Awareness is important during National Wills Week; the impact of not having a valid will can be significant. Here… Read more