Continue More info

We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we'll assume that you are happy to receive all cookies


Latest News

Residence Nil Rate Band (RNRB).

A new tax-free allowance was announced in the Summer Budget 2015 (the Residence Nil Rate Band) that will take effect on or after 6th April 2017.  Downsizing provisions have yet to be finalised.

There are a lot of myths and misconceptions surrounding this new allowance - please call or view our website pages (not yet updated) for further information - including:

  • everyone has a new allowance of £1M;
  • everyone can pass their home free of tax to their children

You may not get the full allowance (or double the allowance) if:

  1. your estate exceeds £2M
  2. you rent property
  3. you don't leave your property (or proceeds of sale) to the right qualifying people and in the right manner
  4. you are unmarried


Why do I need a Will?

The reasons why you need to write a Will

Years of hard work and prudence have built a fund of money that will provide security for your family should anything happen to you.  Or will it? If you haven’t yet made a Will, the people you thought would benefit from your life savings could lose out in the long term or suffer stress and financial hardship while your affairs are resolved.  By making a legally valid Will - the foundation of your financial planning - you ensure that your wishes are followed and that your family’s future is safeguarded.

Determine who inherits

Without a Will the government decides who should inherit your possessions, property and money through the Laws of Intestacy.  Depending on the size of your estate, your spouse may have to split the assets with your children or parents, possibly forcing them to sell the family home.  If you are unmarried or have step-children, your partner or any step-children do not automatically inherit anything from your estate.

Appoint guardians for your children

Without a Will you have no control over your children’s future.  Should anything happen to you, it becomes a matter for the courts who appoint someone on your behalf – someone you might not have chosen yourself.  See the section on Guardians.

Reduce the amount of inheritance tax you pay

If you don’t want the taxman to be the biggest beneficiary of your hard earned money, you can set up a Nil Rate Band Trust in your Will that distributes your assets in such a way that Inheritance Tax is minimised or eradicated altogether.

Protect your estate from other claims to your wealth

Once you’ve gone you would hope that your intended beneficiaries will inherit all of your wealth.  However, this may not always be the case.  There could be claims against your beneficiaries such as long term care costs, remarriage, divorce, creditors or bankruptcy which could leave your children, grandchildren or other beneficiaries with little or none of your estate.   See our section on Asset Protection and Estate Planning for information of ways to mitigate the losses to your estate.

Make gifts to individuals and charities

You can stipulate sums of money you want to leave to people outside your close family circle or to a charity that you support.

Appoint executors and trustees of your choice

You want to appoint someone you trust to ensure your wishes are adhered to and that your affairs are settled quickly and efficiently.  See the sections on Executors and Trustees.

Ensure that your business is administered appropriately

You want to ensure that your business can continue trading after your death by giving your executors the necessary powers (power that they might not ordinarily have) and also that that any Business Property Relief you have today is preserved after your death.  See the section on Business Protection.