Making a Will: Q&A

What is a Will? A Will is a legal document setting out what should happen to your assets after you die.  To be valid, a Will must be executed in accordance with certain legal formalities.  If you make a Will with Ware & Kay, we ensure that these formalities are complied with. Do I need a Will? If you have assets at present or you at least expect to acquire assets in the future, the answer is yes.  In any event you should make a Will if you have minor children, to make provision for their future needs.  A carefully drafted Will prepared by one of our legal experts would establish your wishes clearly and minimise the risk of disputes and distress caused to your loved ones following your death. What happens if I die…

Safeguarding future of the family farm

Death and taxes eventually come to us all but for farming families succession planning can be particularly complex, given that agricultural businesses are held in a variety of ways and ownership can be split between the wider family. Emma Elwess, Director of Private Client Department at Pearsons & Ward Solicitors in Malton advocates taking a holistic approach to succession planning in the agricultural sector to ensure the family business can thrive and be passed down to the next generation. ‘When it comes to safeguarding the future livelihood of your family, it makes sense to be prudent and take as much advice as possible to ensure your affairs are in order. There are a number of different professionals, such as land agents, accountants, and agricultural lawyers who can work together on the best ways of structuring…

Government increases “statutory legacy” to £270,000

The government has increased the “statutory legacy” for partners of people who die intestate, from £250,000 to £270,000. Ministers said they would raise the amount partners can inherit, in line with the consumer price index, every five years. The amount was set at £250,000 in October 2014 and will be increased to £270,000 from 6 February this year; slightly beyond the initial deadline. Commenting on the imminent rise, Law Society President Simon Davies took the opportunity to stress the importance of an up-to-date will. “This increase is very welcome,” he said, “But many people are unaware that unmarried partners and close friends cannot inherit. Writing a legally valid will with the help of an expert solicitor ensures people’s estate is inherited exactly as they would choose.” For more information on Wills, Power of Attorney, Estates and…

Planning for later life care

Many of us are guilty of putting our heads in the sand when it comes to looking at what may befall us in later life. As people are living longer, the incidence of strokes, dementia and loss of mental capacity is becoming more prevalent. Many of us will live to a ripe old age without facing these issues, but nevertheless, a few simple planning meetings with the relevant professionals, will help ensure that things go as smoothly as they can. We are members of Solicitors for the Elderly (SFE) and we will ensure that you have all the legal documents in place to get you what you have planned for and that you have considered the pitfalls that may face you in later life and ways to avoid them if at all possible. Wills A…

Easing your inheritance tax liability

As farming families frequently rely on the natural succession of the farm, where ownership is passed down through the generations, every care must be taken to avoid a hefty inheritance tax bill. The first step is, of course, to ensure that you have a valid and up-to-date Will to ensure that the legal ownership of the land and business assets used in running the farm pass to your chosen relatives or other beneficiaries. In addition, your Will should be drafted smartly to ensure that it makes use of every available opportunity to ease inheritance tax liability – particularly with regard to the use of agricultural and/or business property reliefs. Another such measure that was only introduced in 2015 is the residence nil-rate band. Laura Carter, specialist agricultural Wills & Probate Solicitor at Pearsons & Ward…

St. Gemma's Hospice Make a Will month October

Have your Will written in exchange for a donation to St Gemma's Hospice. 

Tax planning for your inheritance

Planning how to deal with your assets in a tax efficient manner is an important but potentially complex task. An increasing number of estates will be liable to inheritance tax (IHT) on death, so it is vital to consider how your will can be drafted to reduce the amount of tax that will be taken from your estate after you die, freeing up more money for your loved ones. You can also consider whether to make gifts during your lifetime to minimise your IHT liability but this raises other tax considerations. Sian Foster, wills, trusts and estate planning solicitor with Ware & Kay (with offices in York, Wetherby & Malton), explains what you need to think about when planning for your inheritance if you wish to minimise your tax bill. Why should I think about…

Is your Will as tax efficient as it can be?

Nobody likes to pay any more tax than is necessary. We can help you to ensure your Will is as tax efficient as possible. Inheritance Tax (IHT) IHT is charged on your death at 40% on the value of your assets which exceed your tax allowances. Individuals currently have a nil rate band (NRB) allowance (of £325,000. In April 2017, an additional allowance was made available if your family home is left to your Direct Descendants. This additional allowance is called the residence nil rate band (RNRB) Rate of RNRB The RNRB is currently worth an extra £150,000 and it will be increased to £175,000 from 6th April 2020. It is not available for estates of over £2.2 million. However any unused RNRB can be carried forward for use in the estate of a surviving spouse…

Protecting your farm with a Will

The family farm usually represents a lifetime’s work of those currently running it and even those before them. Making sure that the farm is trading well and structured properly to take advantage of any agricultural and business inheritance tax reliefs available ready to be passed down to future generations is a key concern for many farmers. However, unless you have left a valid Will, the delicate balance of ensuring that all your loved ones are cared for after you are gone, while still guaranteeing the continued well-being of the farm, could be put in jeopardy. Laura Carter, Wills and Probate Solicitor and agricultural law specialist at Pearsons & Ward Solicitors in Malton explains why it is essential for every farmer to have a Will to ensure their farming business continues to flourish for future generations…

What happens to my money if I die without making a Will?

Every year thousands of people die without making a Will, perhaps thinking that their home and their money will simply pass to their partner or children.  However, the legal position is not that straightforward – if someone dies without a Will, there are rules setting out how their money, property and possessions should be divided.  In many cases this won’t be what the person who has died would have chosen. Here are some examples of how the rules apply: Example 1 – married or in a civil partnership Although you might think that everything will pass to your spouse or civil partner, this may not be the case depending on the value of your estate.  Example 2 – separated If you have informally separated but not divorced or legally ended your civil partnership, your…