Many people decide to leave money to a charity of their choice in their Will. Some people do this to cut down on their inheritance tax liability, so that the amount of tax paid on the rest of their estate is diminished, while others want to leave money to a cause they are passionate about.
There is a common misconception that estate planning and Will writing are the same. This is incorrect – Will writing is an important part of planning someone's estate and dictates the beneficiaries of an estate, but the planning process goes a lot further than this. Estate planning goes much further in terms of clarifying a person's wishes regarding their finances, planning for care costs, and more. This guide will cover some of the differences between Will writing and estate planning and the importance of the two so that you can make the right decisions for you or your loved one's future.
If you are buying or selling a flat, you might need to deal with a new health and safety aspect of the transaction – the EWS1. This form is the result of guidance issued by the UK Government concerning cladding on residential apartment buildings after the devastating fire at Grenfell Tower in June 2017. Although the guidance applies to England and Wales, the Scottish Government is currently referencing it until separate guidance for Scotland is published in Autumn 2020.
Estate planning allows you to get ahead of your future and ensure all the appropriate documentation that divides your estate is in line with your wishes. Having a well-thought out plan will not only protect you should you lose mental capacity, but it will also support your family and causes close to your heart on your death.
Making decisions is part of everyday life; from where we go when we step out the front door to who comes to visit us in our homes. You rarely consider a time where these choices will be made for you, and yet, the measures implemented as a result of the coronavirus (COVID-19) crisis have left us all incapable of planning our next move.
According to the Law Society, the number of people looking to write new Wills in the UK has risen by at least 30 per cent following the outbreak of coronavirus. Nevertheless, the process of creating and amending Wills relies heavily on face-to-face interaction, which makes the government measures to stay at home and self-isolate more challenging.
We as a nation have entered into uncharted territory as a result of the current coronavirus (COVID-19) pandemic. With our daily office trips and weekend activities stripped from our usual routine, we have been put in a state of unease about what we can and cannot do.
Last month, government guidelines were announced to control the spread of coronavirus (COVID-19) in the UK. As of the 23 March, the public has been told to stay at home apart from necessary food shopping, one form of exercise a day, and work for those listed as ‘key workers’. Part of the restrictions also included not meeting family members who do not share your home.