Sajid Javid has suggested that he is considering Inheritance Tax (IHT) reform, admitting at the recent Conservative Party Conference that it is ‘on his mind’.
Lasting powers of attorney (LPA) can be set up in respect of personal health and welfare, or property and financial affairs, or both. In both cases, one or more attorneys can be appointed, as well as replacement attorneys.
The dispute over the estates of two pensioners, John and Marjorie Scarle, has shown the importance of a joint approach to individual Wills.
An increase in the number of people choosing to opt for a “DIY” Will is being attributed to a rise in probate disputes being heard at the High Court.
A recent study found that just 45 per cent of people who are gifting assets or large sums of money through inheritance understand inheritance tax (IHT) rules.
Applications for power of attorney have doubled to 3,850,000 in the last three years, allowing more people to take control of loved one’s affairs in the event of ill health.
A judge has settled a case involving a dispute between two stepsisters over who should inherit the estate of their parents, who were found dead at the same time in their £280,000 property.
The families are facing extra death duties because overdue IHT carries interest rates of 3.25 per cent.
According to the latest research, investors could be putting their families under additional stress and expense because they have not appointed a lasting power of attorney (LPA) to manage their estate.
The Ministry of Justice claims it has taken “urgent action” to solve the digital probate delays issue, according to the Justice Minister.