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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

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Updating Your Will

When should you update your Will

When Cornerstone draft your Will we try to cover all possible scenarios in order to make it as future-proof as possible.  However your situation may change in a way that you or we or your previous Will drafter hadn’t anticipated which may impact on your current Will.  A change may be required to your Will for any reason including one or more of the following:

  • Marriage (note that marriage or Civil Partnership revokes a previously drafted Will unless it is drawn up in contemplation of that event)
  • Divorce
  • Arrival of children/grandchildren
  • An inheritance
  • A death in the family
  • A guardian, executor, trustee or beneficiary is no longer appropriate
  • You now wish to make specific or monetary gifts to family, friends or charities
  • A more comprehensive Will to guard against long term care, inheritance tax or (re)marriage of your partner/spouse once you’ve gone is now required.

Please contact us to update your Will, quoting your Will reference number (if drafted by us) which can be found either at the top or bottom of the final pages of the Will (the Directory of Names and Addresses) or on our covering letter.  Please note that it does not matter that the Will wasn’t initially drafted by us.