The Institute of Legacy Management (ILM) has voiced concerns that a recent consultation into updating Wills legislation for the digital age has failed to address the “considerable” impact that modern technology is already having on Will-writing.Continue reading
Britons are being advised to take note of the often-overlooked Inheritance Tax (IHT) exemptions and allowances available to them when it comes to gifting money, or passing down estates in their Wills.Continue reading
Up-to-date figures suggest that there are currently 850,000 people living with dementia in the UK – a figure which is expected to rise to one million by the year 2025.Continue reading
A prominent High Court Judge has said that a new campaign needs to be launched to raise public awareness of Living Wills.Continue reading
A new study suggests that almost half of Britons have never discussed Inheritance Tax (IHT) with their family, while just over a quarter (26 per cent) believe that Wills and IHT are ‘not a priority’.Continue reading
Britons who may be interested in setting up a Lasting Power of Attorney (LPA) are being advised to tread carefully and seek specialist advice from a solicitor, as hasty or ill-advised decisions can have a “devastating” impact on family relationships.Continue reading
Almost £4.9bn was paid by British families in Inheritance Tax (IHT) last year, while monthly IHT receipts in 2017 continue to rise gradually month after month.Continue reading
The laws surrounding writing a Will are “unclear and outdated” and serious changes need to be made to bring the process up to speed with the modern world, the Law Commission has said.Continue reading
An increasing number of Britons are failing to write a will to protect their assets – and hundreds of thousands of properties across the UK are left empty and derelict every year as a result.
The news comes from charity Empty Homes, which estimates that approximately £132billion worth of UK property is slowly rotting away and becoming dilapidated, largely due to the lack of Britons writing a solid will specifying what should happen to their property in the event of their death.
According to Empty Homes, Government data suggests that there are more than 200,000 homes across the UK which have been left empty for six months or more – despite the fact that Britain needs approximately 240,000 additional homes every single year in order to meet newly arising demand.
Nick Kalms, of YouSpotProperty.com, a website which specialises in remarketing empty properties, said: “The main reasons are without any doubt related directly to probate.
“These houses are therefore left to deteriorate until, finally, probate is granted enabling the house to be sold”.
The news highlights the increasing importance of consulting wills and probate experts for advice, in order to ensure that your legacy and assets are preserved for your loved ones exactly as you wish in a sound, recognised will.