Why do I need a Will?
You can decide who will inherit what from your estate A Will is a legal document that takes effect once you die. Anyone in Scotland can write a Will from age 12. When you die everything you own, and all the debts you owe, are regarded as your ‘estate’. If you die without leaving a […]
Making decisions about our bodies for both life and death
Making decisions about our bodies is a critical component of estate planning. There are various areas where a person can prepare in advance to present information about their preferences, allowing their requests to be honoured in the end. Failure to carry out such future planning can result in various default legislation taking effect, which may […]
The importance of sorting your Will in the times of coronavirus
According to the Law Society, the number of people looking to write new Wills in the UK has risen by at least 30 per cent following the outbreak of coronavirus. Nevertheless, the process of creating and amending Wills relies heavily on face-to-face interaction, which makes the government measures to stay at home and self-isolate more […]
Who can witness my Will with social distancing measures in place?
In light of the current coronavirus (COVID-19) pandemic, you will likely have numerous questions about how this could impact your estate planning. Now, more than ever, it is vital to check that all of your documents, especially your Will, are up to date and reflect your current life circumstances. At Complete Clarity, we are here […]
Less than 30% of divorced Brits have updated their will to reflect a new relationship
According to recent research from Direct Life Line Insurance, 60 per cent of divorced Brits who are now in a new relationship, have failed to update any of their personal finances since their previous marriage. This includes the beneficiaries of their pension, death in service benefits, health and life insurance, money in trust, or their will. […]
Consultation on fairer succession law opens
The Scottish Government launched a public consultation on the 17th February 2019, asking how the law covering succession could better reflect 21st century Scotland. The consultation seeks the public’s view on two main points: how an intestate estate should be split when there are both a surviving spouse and children left, and what rights cohabitants […]
Scotland places middle of the board for Inheritance Tax Liability in the UK
Following a Freedom of Information (FOI) request by Direct Line Insurance, Guildford in Surrey was dubbed the Inheritance Tax capital of the UK after it was revealed that as many as 658 families from the town southwest of London were subject to the tax between 2015 and 2016. On average, each family are said to […]
Inheritance tax exceeds £5 billion for the first time
Recently released data from HM Revenue & Customs shows inheritance tax (IHT) raised a record £5.2 billion in the 2017-18 financial year, up 8% from the previous tax year. What accounts for the rise? Property prices have continued to rise despite the fact the residential nil-rate band (RNRB) – the value of a property which […]
Warning Over Reliance on Inheritance Expectations
A new report into intergenerational wealth transfer has found that over 11 million people aged between 25-45 in the UK expect to receive some sort of inheritance from their parents or grandparents, with nearly half (5.1 million) of these expecting to inherit at least £50,000 in fixed assets or money. The report by Sanlam UK […]
Executor Personally Liable to Pay Inheritance Tax Bill
Acting as executor for an estate carries a great deal of responsibility, and while the majority of executries are completed without incident, complications can arise and executors can sometimes find themselves in a difficult and unexpected situation. In one recently reported case, an estate’s executor ended up personally liable for paying the majority of a […]
