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https://www.soteriatrusts.com/insights/navigating-the-complexities-of-uk-inheritance-tax-on-trusts-and-lifetime-gifts/ #UKTax #trusts #gifts Inheritance tax (IHT) in the UK is a critical consideration for anyone involved in estate planning. The complexities surrounding IHT on trusts and lifetime gifts can be daunting, but understanding these elements is essential for tax efficient financial planning. This blog post aims to clarify the…

https://www.soteriatrusts.com/insights/understanding-inheritance-tax-across-europe-a-comparative-overview/ #IHT #tax #europe Inheritance tax(IHT), a levy on the assets of the deceased before they pass to heirs, varies greatly across Europe. This tax can impact the amount that beneficiaries ultimately receive, and the rules and rates differ significantly from one country to another. In this article, we’ll explore…

https://www.soteriatrusts.com/insights/innovative-tax-planning-strategies-to-minimize-inheritance-tax-liabilities/ #IHT #tax #taxliabilities Inheritance tax (IHT) in the UK can significantly impact the wealth passed on to beneficiaries, with estates over the nil-rate band facing a hefty 40% tax. However, with careful planning and strategic financial decisions, it’s possible to minimize these liabilities, ensuring more of your assets are…

https://www.soteriatrusts.com/insights/impact-of-economic-conditions-on-uk-inheritance-tax-receipts/ #IHT #Inheritance #InheritanceTax The impact of the economy on inheritance tax receipts in the UK has become a topic of significant interest. With inheritance tax (IHT) often perceived as a barometer of economic conditions, understanding how these forecasts influence IHT receipts can inform both policy and personal financial planning.…

https://www.wardwilliams.co.uk/blog/posts/2024/august/unlock-your-estate-s-potential-iht-planning-ahead-of-the-october-budget/ #IHT #Estate #OctoberBudget Unlock Your Estate’s Potential: IHT Planning Ahead of the October Budget! The Expertise You Can’t Afford to Ignore As the leaves begin to turn and autumn approaches, UK residents should turn their attention to an important financial matter: Inheritance Tax (IHT) planning. With the Chancellor's Budget…

https://www.sallenlawfirm.com/blogs/2024/october/why-you-should-trust-professionals-on-estate-pla/ #IHT #ProfessionalEstatePlanning #EstatePlanning Estate planning can be tricky. We all know it's essential, but when faced with the realities of death and taxes, it’s easy to fall into the trap of thinking we can handle it ourselves. After all, who knows your assets and wishes better than you do?…

https://www.soteriatrusts.com/insights/iht-planning-cost/ #IHT #Inheritance #InheritanceTax Inheritance tax (IHT) planning is essential for anyone with assets in the UK, especially if you’re a property investor or an expat with UK ties. Preparing for IHT can help you manage your financial legacy and ensure your beneficiaries receive their due without an excessively taxing…

https://www.soteriatrusts.com/insights/role-family-trustee/ #Wills #FamilyTrustee #Trustee In the labyrinth of the high-net-worth family universe, the trustee stands as a cryptic figure, a guardian of the family’s legacy. They are tasked with wielding significant power and responsibility over the wealth and welfare of those within the trust. But what does this role entail,…

https://www.soteriatrusts.com/insights/spring-2024-tax-reform-non-domicile/ #TaxReforms #SpringBudget #UKTax The UK government is committed to creating a tax system that not only draws in global talent and investment but also spurs economic expansion. At the heart of its philosophy lies the conviction that individuals with more substantial financial means ought to bear a larger share…

https://www.soteriatrusts.com/insights/gifting-strategies-iht/ #IHT #InheritanceTax #Tax Navigating the complexities of inheritance tax (IHT) can be a daunting task for individuals – especially those from affluent families with significant assets. Gifting, when done correctly, provides a way to reduce the tax liabilities of both the gifter and the recipient. By harnessing the various…

https://www.soteriatrusts.com/insights/how-to-own-uk-property/ #Property #HomeOwner #UKProperty Owning property in the United Kingdom (UK) can be an enticing prospect for many, whether as a home or an investment. However, navigating the process can seem daunting, especially if you’re unfamiliar with the UK’s property market and taxation system. This article will shed light on…

https://www.soteriatrusts.com/insights/how-difficult-is-it-to-do-probate-yourself/ #ProbateLaw #legal #Probate Probate is the administrative process that we all, well… our estates, have to go through once we have passed away. While it is possible for your executors or family members to handle probate on your behalf, the complexity of the process can make it quite challenging.…

https://www.soteriatrusts.com/insights/guide-uk-property-taxes/ #PropertyTaxes #Tax #UKTax #Property Navigating UK Property Taxes: A Definitive Guide for International Investors For international investors, the pursuit of property in the UK can be both alluring and complex. The UK housing market has long been a beacon of stability, and its capital city, London, has historically been…

https://www.soteriatrusts.com/insights/the-future-of-inheritance-tax-in-the-uk/ #IHT #InheritanceTax #UKTax The landscape of inheritance tax (IHT) in the UK is poised for potential changes influenced by economic conditions, political shifts, and evolving societal norms. Understanding these dynamics is crucial for individuals involved in estate planning, as they strive to optimize their financial strategies in response to…

https://www.soteriatrusts.com/insights/the-role-of-qnups-in-estate-planning-for-uk-residents/ #EstatePlanning #qnups #LegacyPlanning Estate planning is a critical aspect of financial management, particularly for those looking to secure their wealth for future generations. In the UK, individuals are constantly seeking ways to optimize their estate plans to minimize tax liabilities and maximize asset protection. One of the tools gaining…

https://www.soteriatrusts.com/insights/impact-of-economic-conditions-on-uk-inheritance-tax-receipts/ #IHT #Tax #InheritanceTax The impact of the economy on inheritance tax receipts in the UK has become a topic of significant interest. With inheritance tax (IHT) often perceived as a barometer of economic conditions, understanding how these forecasts influence IHT receipts can inform both policy and personal financial planning.…

https://www.pantheraestateplanning.co.uk/blog/10-top-questions-about-family-business-succession-planning #SucessionPlanning #FamilyBusiness #Wills Your top questions about family business succession - and how to include it in your estate planning. 1. What is family business succession planning? In terms of the business, it's pretty much what is says - working out who would take over your family business whether…

https://www.pantheraestateplanning.co.uk/blog/trusts-long-term-care-planning #willing #trusts #CarePlanning The new Scottish Widows Retirement Report for 2024 has just been released. For 20 years this annual report has surveyed people to understand “Their hopes and aspirations (for) retirement, to understand the plans that they have made, and to also understand their actual expectations.” I've read…

https://www.thinkadvisor.com/2014/03/13/10-big-estate-planning-mistakes-of-the-rich-famou/ #willing #willwriting Estate planning can be tricky, and for celebrities with mega assets, the stakes for heirs are enormous. Try this free 10 minute online course today. Includes certificate, £50 voucher. It seems that mistakes are often made in writing wills and when they are, the tabloids have a…

https://buzzfinancial.co.uk/facts-about-wills/ #willing #willwriting A will is an important document and one that should be taken very seriously. It is your last will and testament and ensures that your wishes are carried out, and that your loved ones are taken care of, after you have gone. We take a look at…

https://www.investopedia.com/articles/retirement/10/estate-planning-checklist.asp #willing #willwriting Complete this checklist to get your affairs in order When Aretha Franklin died intestate—without a legal will—in 2018, she joined a surprisingly long list of prominent people, including Prince, who did the same.By not preparing an estate plan, she complicated the task of settling her affairs for…

https://internationalservices.hsbc.com/manage-wealth-abroad/13-important-questions-to-ask-when-creating-your-estate-plan/ #willing #willwriting If you got sick, or were unable to make important decisions, is there someone you trust to handle your affairs? Would your business continue to run smoothly and your family be provided for? Estate planning is about finding the best answers to these difficult questions. Let's take…

https://www.businessinsider.com/12-famous-people-who-died-without-will-picasso-prince-2023-8 #willing #willwriting A Michigan jury ruled in July that a document written by Aretha Franklin before she died was a valid will. She is among several celebrities who have died without a will, including Billie Holiday and Kurt Cobain. Without a will, celebrity estates often become embattled in lawsuits,…

https://uk.finance.yahoo.com/news/12-most-unusual-celebrity-wills-104700483.html #willing #willwriting Surprising and explosive legacies Most wills are pretty straightforward – but some people aren't content with simply leaving their money to their nearest and dearest when they die. From Marilyn Monroe to a comedian who made a romantic gesture from beyond the grave, read on to discover…

https://issuu.com/sanantoniobar/docs/sal-marapr21-digital/s/11930484 #willing #willwriting You can learn a lot about a person by reading his or her last will and testament. Many famous people left a written will, and some of those wills shaped the course of history. Often, those who ruled great empires used their wills as a final act…

https://www.unbiased.co.uk/news/financial-planning/weird-and-wonderful-celebrity-wills #willing #willwriting Today we’re taking a peek at the bizarre and barmy wills of the rich and famous. We’ve long been fascinated with the rich and famous: their relationships, their style and their wallets. But what do they leave behind after the lights have gone down? That’s magic. Harry…

https://www.theguardian.com/money/2015/aug/25/10-strangest-wills-finances-death #WillWriting #Legacy #EstatePlanning Leaving instructions for what should happen to your finances after your death is a serious matter – but for some the temptation to cause mischief or raise a smile from beyond the grave is too much to resist In the UK we are not very good…

https://www.citizensinformation.ie/en/death/the-deceaseds-estate/what-happens-the-deceaseds-estate/ #willing #willwriting Introduction When a person dies, their property passes to their personal representative. The personal representative then distributes the deceased's person’s assets (money, possessions and property) in accordance with the will - if there is one - or the laws of intestacy if there is no will. These…

https://www.soteriatrusts.com/insights/will-writing/ #willwriting #willtowin Writing a will is an important part of ensuring that your assets and belongings are properly distributed after passing. It can be a daunting and overwhelming task if you don’t have all the necessary information—but it’s also one of the most crucial steps for ensuring that your…

https://www.thegazette.co.uk/all-notices/content/103355 #knowyourwill #willwriting The number of inheritance disputes reaching the High Court is rising dramatically, driven in part by increases in property prices which make estates worth more than ever; life expectancy is allowing wills to be made and amended later on in life, and family structures are creating more…

https://www.corning-cc.edu/foundation/baron-bulletin-stories/myths-about-wills.php #willwriting #knowyourwill When you spend a lifetime working and earning for your future, you need to care for the way those assets are managed and shared with your loved ones. Most adults do not even have a basic plan in place which leaves all that you have worked for…

https://www.lawgazette.co.uk/news/probate-experts-warn-against-online-wills/5110251.article #willtowin #knowyourwill The growing popularity of online will writing could lead to a ‘surge’ in contested probate cases down the line, probate experts have warned. Funeral Solution Expert, a research and consultancy firm, analysed 26 online will writers and found that consumers are often mistaken as to whether their…

https://todayswillsandprobate.co.uk/step-warns-public-against-cowboy-will-writers/ #willtowin #knowyourwill The public has been warned of the dangers of “cowboy” will writers by the Society of Trust and Estate Practitioners (STEP) following the publication of its new report on the unregulated will writing sector. Understand Wills with this free, short online course today. According to STEP, “dishonest,…

https://www.soteriatrusts.com/insights/estate-planning-why-begin-now/ #willing #willtowin If you’re wondering when the right time to start estate planning is, the answer is simple: it’s now. Our comprehensive guide will explain the importance of estate planning and why you should begin sooner rather than later. Have you thought about what will happen to your assets…

https://www.soteriatrusts.com/insights/what-happens-if-dont-pay-iht/ #willing #knowyourwill The UK’s standard Inheritance Tax (IHT) rate is 40%. IHT must be paid by the executor on the net worth of the deceased person’s estate above the tax-free threshold of £325,000 per single person or £650,000 per couple. However, paying Inheritance tax is not always a straightforward…

https://www.express.co.uk/finance/personalfinance/1510250/Writing-will-important-myths-evg #willing #knowyourwill WILLS are an essential legal document that cares for a person's wishes after they have died. Despite this, there are some common myths that suggest otherwise. Why is writing a will so important? Death isn't something that many of us want to think about, however writing a…

https://www.soteriatrusts.com/insights/succession-planning-how-to-have-the-talk-with-your-family-about-it/ #willwriting #willtowin The topic of Succession Planning often requires some careful consideration and balance. Most people have ideas about what they want for the next generations but don’t see why they should plan ahead. Procrastination and the influence of opinions from others are the two biggest reasons used as…

https://www.soteriatrusts.com/insights/estate-plan-divorce/ #knowyourwill #willwriting Life often throws us the unexpected, and they don’t come much bigger than the breakdown of a marital relationship. There’s no such thing as an easy divorce, even when things are reasonably amicable to start with. Once the lawyers get their teeth into it, things can get…

https://www.telegraph.co.uk/lifestyle/cancer-charity-gifts-in-wills/myths-about-wills/ #willwriting #knowyourwill Wills don’t have to be difficult or expensive, and can save money in the long run. David Prosser tackles common misconceptions about wills Why don’t more Britons make a will? Surveys published in recent years have consistently found that people in the UK aren’t making any formal provisions setting…

https://www.soteriatrusts.com/insights/contesting-a-will-everything-you-need-to-know/ #knowyourwill #willtowin Contesting a will is the process of challenging the validity of someone’s last will and testament after they have died. It can be done by potential beneficiaries or heirs who believe that the contents of the will are not in line with their expectations or are not…

https://www.equifax.co.uk/resources/money-management/what-happens-if-you-dont-leave-a-will.html #knowyourwill #willing When someone passes away with a legally-binding will, the process for the legal teams overseeing its execution is clear, with named parties on hand to make sure. You can learn all you need to know with our free, short 10 minute online course. You get a certificate,…

https://www.soteriatrusts.com/insights/how-to-find-will/ #willing #willwriting Locating the important documents of somebody who has just died is often a cause of additional stress and anxiety for family members. The first and most important of documents needed at this time is the Will, which specifies how the estate will be divided after the Testator’s…

https://www.soteriatrusts.com/insights/inheritance-tax-parents-house/ #knowyourwill #willwriting A short answer to the question “Do I have to pay inheritance tax on my parent’s property” is yes. You have to pay inheritance tax in the UK for your parent’s house, and families often question why they have to pay taxes on property and estate that…

https://www.soteriatrusts.com/insights/uk-intestacy-rules/ #knowyourwill #willwriting When an individual passes away unexpectedly without a valid Will, their possessions and overall estate becomes subject to a set of rules known as the “rules of intestacy”. While these rules are set with logic to ensure the closest family members receive the bulk of the estate,…

https://www.moneyhelper.org.uk/en/family-and-care/death-and-bereavement/will-writing-services-pros-and-cons #willing #willtowin The need to use a will writing service depends on the complexity of your will. It can be cheaper than a solicitor and more reliable than a DIY will. Take this FREE course and get a certificate and £50 Voucher. How will writing services work? Will writing…

https://www.soteriatrusts.com/insights/why-lasting-powers-of-attorney/ #willing #willwriting It’s common knowledge that setting up an estate plan while you are alive allows your wishes to be easily followed after death. What isn’t commonly discussed, however, is how Lasting Powers of Attorney can provide peace of mind during your lifetime. These particularly important documents apply only…

https://www.citizensadvice.org.uk/family/death-and-wills/wills/ #willing #willwriting This advice applies to England. It's good to learn, and it's FREE today - CLICK HERE Why it is important to make a will It is important for you to make a will whether or not you consider you have many possessions or much money. It is…

A will is supposed to help surviving family and friends dispose of your estate after you've passed away. Many people use it as an opportunity to send a message from beyond the grave, either by punishing potential heirs with nothing or perhaps by giving away something fun or unusual to…