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Wills, Probate and Tax Saving Strategies

  • What is the Inheritance Tax threshold?
  • If the value of your Estate is more than the nil rated amount after payment of your debts and any gifts to your spouse or civil partner or to charity, Inheritance Tax will be payable on the value over this amount.  The nil rated amount changes every year.  The rate of tax is also reviewed annually, though it has not changed for over 10 years.  From 6 April 2006, the nil rate amount was increased to £285,000 (and is set to increase to £300,000 from 6 April 2007)  and the rate of tax payable on estates over this amount was 40% on the excess.
  • What happens if I don't make a Will?
  • Your property will be divided according to the statutory intestacy rules.  Some of them may surprise you.  For example, the share your husband, wife or civil partner gets may not be enough to give him or her the outright ownership of your home.  Also, if you are not married or in a registered civil partnership, but have been living with someone, the person you are living with may not get anything.
  • Does marriage, entering into a civil partnership, divorce or dissolution of a civil   partnership affect my Will?
  • A Will is cancelled automatically if you get married or enter into a registered civil partnership after you have made your will and it is not expressed to be made in contemplation of that marriage or civil partnership.  If you get divorced or your civil partnership is dissolved after you have made your Will, any provisions made in favour of your spouse or civil partner will be redundant unless the Will says otherwise.
  • What is the advantage of having an Enduring Power of Attorney?
  • The advantage in making an Enduring Power of Attorney (or EPA) is that an individual (the donor) can choose who he wishes to look after his financial affairs and that appointment will survive any subsequent loss of mental capacity, when he can no longer run his own affairs. The person to whom authority is given (the attorney) can manage the donor's property and financial affairs on his behalf. The attorney can be a family member or a friend. Having an EPA drawn up is a much simpler, quicker and cheaper process than a member of your family having to make an application to the Court of Protection to be appointed as your Receiver, should you lose the mental capacity to deal with your own affairs.