Writing a Will may seem daunting – and with everything else we should be thinking about, it becomes just another chore on the to-do list. It’s especially important for cohabitating couples to have a Will, as the surviving partner does not automatically inherit any estate or possessions left behind.
If you have significant assets, you may be wondering whether Inheritance Tax (IHT) affects you. Worryingly, some families appear to be shying away from difficult conversations, as almost half (47%) of UK adults say they have never discussed inheritance matters, according to new research.
On 6 April 2017, a new additional main residence nil-rate band (RNRB) was introduced, which allows for less Inheritance Tax to be paid in situations when a family home is left to children, grandchildren or certain other ‘qualifying beneficiaries’ – including stepchildren and foster children.
When you are unable to make your own decisions