In March this year, the government announced plans to introduce a tiered fee for obtaining the grant of probate upon death based on the value of the estate...
Sir Bruce’s public and private legacies - an example to us all?
As Strictly returns with a moving tribute to its most famous host, Sir Bruce Forsyth, we were able to look back at the career of a true gentleman and showbiz legend. Although he had not presented the show for last couple of series, his sad passing at 89, leaves a truly remarkable legacy behind, which will be remembered by the public for years to come.
But what about the legacy he leaves his family? Sir Bruce opted for a very modern approach to how his estate will ultimately be passed to his children, illustrating the importance of a proper Will, backed by specialist planning and advice.
Have you protected your legacy?
Sir Bruce avoids inheritance tax by leaving his entire £17million fortune to his wife, Wilnelia, leaving her to distribute the wealth amongst his 6 children & 12 grand & great grandchildren.
Wilnelia can transfer up to £650,000 to each beneficiary, tax free. However, with five children from previous marriages, complex cases like this benefit from expert advice to ensure that more money goes to loved ones. A proper Will backed by specialist planning & advice can offer clarity, ring fencing assets to avoid family disputes & protect the estate from legal costs & tax.
Was he well advised & has he done the right thing for his family? Will you be protecting your own legacy in the same way?
Planning for the future means looking after your loved ones after you’ve gone and ensuring they get the full benefit of your legacy. The UK’s older generation has seen their wealth grow by 45%* in the last decade, resulting in more money being passed on as inheritance to the younger generation than ever before.
Startling figures have revealed the attitudes of the over 55 age group towards writing a Will. The figures indicate a widespread ignorance of the importance of writing a Will and the risks of dying intestate.
The average debt for those aged 50-59 now exceeds the average savings for the same age group, research has shown. A recent survey revealed the average amount owed by this age group totals £4,641, compared to £4,511 in savings.
The Government’s decision to change from the flat-rate probate fee to a tiered system based on the value of the estate has been scrapped following an announcement by the Ministry of Justice (MoJ).
The impending increase in probate fees were thrown into doubt earlier this week after they were branded ‘unlawful’ by the parliamentary committee on statutory instruments.
2016 will long be remembered as a year which saw a number of historically significant events take place, many of which will have long lasting implications both at home and abroad. There may also have been changes to your life which could immediately impact on the validity of your Will and any other estate planning documents that you have already created.
Recent research has shown that the cost of death is soaring, with funerals becoming more expensive than ever before. It is estimated that an average funeral now costs £4,000 and reports suggest that this is largely down to the increase in basic charges being made by local councils, which have risen by as much as 30% across the UK.
Recent research has shown that 86% of the population wants financial advice to help them prepare for their retirement, highlighting how many people do not feel confident in planning for this pivotal stage of their life.