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.
A report is urging the Government to reform the Lasting Power of Attorney (LPA) system, following research into the effects on vulnerable individuals.
The current ‘seven-year rule’ for Inheritance Tax (IHT) could be cut to five years according to proposals outlined in a review ordered by the Chancellor of the Exchequer.
The Ministry of Justice claims it has taken “urgent action” to solve the digital probate delays issue, according to the Justice Minister.
The statistics showed that the total IHT receipts for May 2019 were £393 million, which represents a drop from the £456 million that was raised in April 2019, and a year on year decrease of 19 per cent.
Experts are urging savers to consider putting their air miles in their Wills or risk them being voided upon their death.
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
The increase in the number of probate disputes being heard at the High Court is being blamed on the increasing number of DIY Wills. The High Court heard 368 cases about probate last year, up from 282 in 2017, and