Who inherits my estate if I die intestate? The intestacy rules and the recent increase to the statutory legacy to a spouse or civil partner

Monro Wright & Wasbrough LLP The Lord Chancellor has increased the fixed amount, also known as the “statutory legacy”, that a spouse or civil partner will receive under the intestacy rules where the intestate is survived by their spouse or civil partner and issue from £250,000 to £270,000. The order came into effect [...]

By |2020-02-21T18:22:20+01:00February 21st, 2020|Latest, Private Client|Comments Off on Who inherits my estate if I die intestate? The intestacy rules and the recent increase to the statutory legacy to a spouse or civil partner

Monro Wright and Wasbrough LLP at the ICAEW Wills and Inheritance Tax Conference 2019

The ICAEW Wills and Inheritance Tax Conference Our experienced Private Client team co-hosted (alongside Mazars) the ICAEW Wills and Inheritance Tax Planning Conference on 19th November 2019 where we presented on the topics of Wills, Lasting Powers of Attorney and Estate Administration to a large group of practising and retired accountants. The day [...]

By |2019-11-29T14:53:47+01:00November 29th, 2019|Private Client|Comments Off on Monro Wright and Wasbrough LLP at the ICAEW Wills and Inheritance Tax Conference 2019

Probate Fee Increase Update

The Ministry of Justice (MoJ) have confirmed that new probate fees expected to come into force on 1 April 2019 have been delayed due to Brexit talks. The  proposed probate fees were set to rise from a flat fee of £215, or £155 for solicitor applications, to the following based on the size of [...]

By |2019-04-03T10:45:41+01:00April 3rd, 2019|Latest, News/Blog, Private Client|Comments Off on Probate Fee Increase Update

LASTING POWERS OF ATTORNEY v DEPUTYSHIP

Both Lasting Powers of Attorney (LPAs) and Deputy Orders are legal instruments appointing persons to make decisions on behalf of someone who has become incapable of making or communicating that decision personally. They can be used to cover decisions relating to Property & Finance and Health & Welfare; however, Deputy Orders are rarely granted in [...]

By |2019-01-07T15:12:25+01:00January 7th, 2019|News/Blog, Private Client|Comments Off on LASTING POWERS OF ATTORNEY v DEPUTYSHIP

EXECUTORS’ HIDDEN TAX LIABILITY

Executors of Estates could find themselves subject to a hidden tax liability resulting from income generated by the deceased’s investments. Whilst Inheritance Tax is calculated with reference to the value of assets held at date of death, income received during the administration of an Estate remains taxable where the investments continue to produce a [...]

By |2018-09-28T10:19:46+01:00September 28th, 2018|Latest, News/Blog, Private Client|Comments Off on EXECUTORS’ HIDDEN TAX LIABILITY

Public Register of Ultimate Owners of Overseas Companies owning UK property

Following their earlier consultation exercise, the Government has confirmed the intention to proceed with the world’s first public register which will require overseas companies buying UK property to disclose who the ultimate owners of the companies/properties are. The intention is that draft legislation will be published this summer and the register will go live in [...]

By |2018-08-24T14:37:13+01:00February 1st, 2018|News/Blog, Private Client, Property|Comments Off on Public Register of Ultimate Owners of Overseas Companies owning UK property

The Residence Nil Rate Band – A further IHT planning opportunity?

Background This note is intended to provide a brief overview of the new Residence Nil Rate Band introduced in the Finance (No. 2) Act 2015 and the supplementary Downsizing Provisions included in the Finance Act 2016. Both measures represent the government’s implementation of its May 2015 manifesto pledge to increase the Nil Rate Band [...]

By |2018-08-24T14:37:13+01:00December 6th, 2017|Latest, News/Blog, Private Client|Comments Off on The Residence Nil Rate Band – A further IHT planning opportunity?

Private Client Team present at Wills & Inheritance Tax Planning Conference

On 15th November, four Solicitors from our Private Client Team will be presenting at the Wills & Inheritance Tax Planning Conference at the ICAEW Chartered Accountants’ Hall. Our firm has teamed up with Mazars LLP (Financial Planners) to cover a full range of useful topics including: Writing your Will Inheritance Tax: The Basics Trusts [...]

By |2018-08-24T14:37:14+01:00November 9th, 2017|Firm news, Latest, News/Blog, Private Client|Comments Off on Private Client Team present at Wills & Inheritance Tax Planning Conference