When someone needs assistance making decisions or becomes incompetent, a power of attorney might be helpful. These decisions may relate to their financial affairs as well as health care matters. When someone wants to appoint another person to make decisions for them if or when they become unable of doing so, they use a Lasting […]
Do spouses automatically have power of attorney? Read More »
A person’s debt does not pass away with them when they pass away. Executors have a responsibility to properly manage and distribute the deceased’s Estate. Any debts incurred by the Estate are the Executor’s duty to settle. The Executors should start paying off all outstanding obligations after gathering the deceased’s assets. This could be anything
Is the administrator of an estate responsible for debt? Read More »
We frequently receive calls from clients who are unsure whether a Will is valid. So, when does a Will become null and void? The Will The Will itself is the starting point. There are very strict rules that govern how a Will must be carried out. According to these rules, a Will must be signed
When Does A Will Become Invalid In The UK? Read More »
You may consider gifting money or property to family or friends as part of Inheritance Tax Planning or simply passing on wealth to the next generation. However, there are a few things you should know about gifting and Inheritance Tax. In this article, we will provide a brief overview of gifting and Inheritance Tax, including
Gifting And Inheritance Tax: Explained Read More »
One of the most typical myths that clients have regarding paying for residential care is that… “After seven years, our property cannot be used to pay for residential care if we turn it over to our children.” A potentially exempt transfer, or outright gift, of any amount is permissible (PET). The value of the PET
Care Fees and Estate Protection Read More »
A Lasting Power of Attorney (LPA) appoints an attorney to assist the donor (person making the LPA) with their property and financial affairs, as well as their health and welfare. The attorney will make decisions on behalf of the donor, either after mental capacity has been lost or with the donor’s consent while they still
Who Should You Appoint As Your Attorney? Read More »
Couples in the United Kingdom are increasingly opting to cohabitate rather than marry. “Common law partners,” contrary to popular belief, are not legally recognised in English law. This means that, unlike their married counterparts, unmarried couples do not have automatic inheritance rights. That is why, now more than ever, cohabiting couples must make estate planning
Estate Planning: Cohabiting Couples Read More »
Careful inheritance tax (IHT) planning is crucial if you plan to leave money, property, or other assets to loved ones after you die. Your heirs may have to pay up to 40% in taxes on what they receive from you because the IHT rate is currently 40%. The best way to make sure that your
The Importance of Inheritance Tax Planning Read More »
Lasting Powers of Attorney (LPAs) are commonly misunderstood and stigmatised as pertinent only for the elderly. However, young people should give serious thought to the advantages LPAs provide in case of an unforeseen event. When you have a lasting power of attorney set up, you can rest assured that you will always have the final
The Unsung Heroes of Decision-Making: Lasting Powers of Attorney Read More »
It’s important to give careful thought to who should inherit what from your estate, how much, and how to divide it up. If you have doubts about a beneficiary’s responsibility with the inheritance, it can make things more complicated. You may wish to maintain some authority over your assets after your death for a variety
Can A Gift in My Will Have Conditions? Read More »
Aside from the heartbreak and worry that a life-limiting illness diagnosis can bring, there will be a slew of concerns and uncertainties about your care and financial affairs, and it can be difficult to know exactly how to prepare legally. Health and welfare lasting power of attorney You can make a Lasting Power of Attorney
Legal Steps to Take If You’ve Been Diagnosed With A Life-Threatening Illness Read More »
After a loved one dies, it can be difficult to understand what steps need taken and how best go about taking them. The following blog post will answer some common questions associated with handling an individual’s estate after they’ve passed on including: What is probate and do I need it? What is estate administration? Are
Probate vs Estate Administration Read More »
There’s a specific protocol to follow while handling a deceased person’s estate. It is the responsibility of the Estate’s Executors to settle any outstanding debts before any assets are dispersed. Utility bills, taxes, and burial expenses are all examples of such expenses. Pecuniary legacies, or bequests of a fixed monetary sum, are next in line
Probate – Who Gets Paid First? Read More »
The administration of a deceased person’s Estate is a task that many of us will have to face inevitably. Here at MWQ Estate Planning, we are frequently asked, “what should I do now?” as grieving loved ones attempt to move forward with their lives. Because everyone’s Estate and life situation is unique, there is no
Where To Begin When A Loved One Passes Away Read More »
The fact that you own a business has an impact on how you should structure your Will. It is critical to consider who will inherit your shares or business interest. Making a Will allows the business to be passed on to whoever you choose. A business, like any other asset, can be transferred through the
Can I Leave My Company In My Will? Read More »
