Local families urged to plan ahead to reduce their inheritance tax bill  

Sian Foster, Director, Wills & Probate at Ware & Kay incorporating Pearsons & Ward Solicitors in York is encouraging people to plan ahead to help reduce their inheritance tax bill.  Latest figures from HMRC show that inheritance tax (IHT) receipts were £7.5 billion in the 2023/2024 tax year, up from £7.09 billion in the previous year. By taking advantage of available tax reliefs and planning carefully, individuals and families can make sure their loved ones pay the smallest tax bill possible and get the most out of what they inherit. The Association of Lifetime Lawyers represents a community of the most qualified legal professionals in the UK supporting vulnerable and older people with expert advice and support.   Sian, a member of The Association of Lifetime Lawyers says there are precautionary steps to take if you…

Can I get a divorce in England or Wales?

You may have read in the news of many wealthy international divorces occurring in England, such as the divorce of the Dubai ruler, Sheikh Mohammed bin Rashid Al Maktoum, believed to be one of the largest in the history of UK divorces. The popularity of England and Wales for international divorce is due to the many benefits it can afford in comparison to other countries. Judges tend to have much greater discretion in England or Wales, and our starting point of equality is not always matched in other jurisdictions. If you did not marry in England or Wales, or if you or your spouse do not currently live in England or Wales, you may be wondering if you would be able to obtain a divorce here. To be allowed to divorce in England or Wales, you…

What does it mean to leave a Legacy in a Will?

Many of us like to include legacies (gifts) in our Wills whether to family, friends, executors and /or to charities. Legacies can be general (usually an amount of money) or specific (particular assets you own such as jewellery)  Including a legacy in a Will may seem straightforward but there are issues which should be considered. What is the priority? Legacies take priority and are paid before the remainder of an estate is distributed.   You may include a gift of £100,000 to your grandson on the basis that you were worth £500,000 when you made your Will and specify that your daughter should receive the remainder of your estate.   However, if your net worth was £150,000 by the time of your death, would you still wish for your grandson to receive £100,000 if your daughter…

Selling a small plot of land

On current estimates, the United Kingdom needs over four million new homes to meet its housing needs. So, if you own a small plot of land which you no longer need or wish to maintain, now could be a good time to sell, especially if your plot has development potential. ‘The prospect of selling to a neighbour or family member may feel very different from selling to a developer, but it is important to consider all the implications and take legal advice early on,’ says Holly Stevens, Director & Head of Residential Property with Ware & Kay incorporating Pearsons & Ward Solicitors. ‘For example, if you sell land to a neighbour to extend their garden, think how you would feel if they later sold the land for development and made a substantial gain.’   You…