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.
A Lasting Power of Attorney (LPA), gives either a relative or a friend the legal authority to make decisions on your behalf, including financial decisions, if you fall ill or are unable to make the decision yourself. If you do
Families dealing with bereavement are being advised to apply for probate before the fee rises.
New research has revealed that a quarter of people would be willing to challenge the Will of a loved-one if they did not receive a fair share of the estate. The findings, following research by insurer, Direct Line, are reflected
Proposals to increase the costs associated with probate for families sorting out the wills of loved ones who have died have been delayed by Brexit, following a widespread backlash against their implementation.
Changes to probate fees have been delayed because of time limitations due to Brexit debates and motions.
The lack of awareness around inheritance tax (IHT) in the UK has increased in the last year, with half (50 per cent) of liable over 45-year-olds admitting to being unaware their main property could be subject to IHT.