So far, this year has brought many changes in the area of private client law. Below you will find a summary of some of the main changes. If you would like further information or advice on how these changes affect you, please do get in touch to speak with one of our legal experts.
Lasting Powers of Attorney
The Office of the Public Guardian deal with the registration of Lasting Powers of Attorney (LPAs). These documents are set up to enable specified people to manage your financial affairs and/or make health and welfare decisions on your behalf. You can set up an LPA to be used as soon as it is registered, or so that it can only be used if you lost mental capacity. The cost for registering an LPA was until recently £110 per application; however, the Office of the Public Guardian has now reduced the costs (by approximately 25%) to £82 per application, making now an ideal time to consider making a Lasting Power of Attorney.
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Lasting Powers of Attorney
Claims by Disappointed Beneficiaries to a Will
The recent case of
Ilott v Mitson in the Supreme Court of England & Wales has had a lot of media attention and has big implications for individuals making Wills and disinheriting close family members (or any person financially dependent on the person making a Will). If you are making a Will and considering not including certain (or any) close family members or financial dependents, you may still wish to take legal advice to be aware of the implications of taking this course of action to avoid costly problems later on.
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Wills, Trusts and Estate Planning
Probate Fees increase
The Government has previously announced that the fee payable to obtain a grant of representation (known as a grant of probate or letters of administration) to administer a deceased person’s estate would be increasing from May 2017. Rather than having a fixed fee, as has long been the case, a sliding scale has been proposed so that the fee payable is dependent on the size of the estate. The fee could be up to £20,000! Such a fee has, unsurprisingly, been likened to another type of inheritance tax and there has been considerable media attention surrounding whether or not such an increase in fees is indeed allowed in law. At the time that this article is published, it remains to be seen whether the increase in the probate fees shall indeed go ahead. We will watch this space!
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Probate and Estate Administration
Introduction of the Inheritance Tax Residence Nil Rate Band
The Government has introduced from 6 April 2017 the Residence Nil Rate Band in the area of Inheritance Tax law. This article will not delve into the details of this complex area of law but if you have a child or children (or a stepchild or stepchildren) and wish to seek advice on how this area of law may benefit you, please get in touch.
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Wills, Trusts and Estate Planning
This article is just a summary of some of the main changes in the area of Private Client law. This article aims to supply general information but it is not intended to constitute advice. Every effort is made to ensure that the law referred to is correct at the date of publication and to avoid any statement which may mislead. However, no duty of care is assumed to any person and no liability is accepted for any omission or inaccuracy. Always seek specific legal advice.
Capron & Helliwell Solicitors offer a range of legal services at the firm’s Stalham and Wroxham offices near North Walsham and Norwich in Norfolk. The firm specialises in areas including family law, conveyancing and private client law including wills and probate. Please call 01692 581231 for further details or to make an appointment