Office of the Public Guardian Podcast – Lasting Power of Attorney
These informative podcasts are a great way to find out about all things related to Lasting Power of Attorney
Lasting Powers of Attorney
Who will take care of your finances and welfare if you no longer can? Putting in place a Power of Attorney – what ever your age – allows one or more trusted people to manage your money and personal needs if and when you need help, such as dealing with your bank, paying your bills or arranging personal care.
There are many aspects to consider such as who to appoint, what responsibilities they will have and whether you want to place restrictions on the decisions which can be made on your behalf or set out specific wishes in advance.
Perhaps you have one but are having difficulty using it or you’re concerned that a relatives finances are being managed badly?
Who can help if a relative or friend has already lost mental capacity but doesn’t have a power of attorney in place?
Whether you’re thinking of setting up a power of attorney or want to share your views and experiences of using one we’d love to hear from you.
Presenter Paul Lewis will be joined by:
Sandra McDonald, former Public Guardian for Scotland
Samantha Buckthought, Partner, Wolferstans & Panel Deputy for the Court of Protection
Katie Evans, Money and Mental Health Policy Institute
In October 2018, BBC Radio 4 programme Money Box tackled the decisions that face many people when it comes to writing a Last Will and Testament and what kind of Will and arrangements are most suitable if you wish to take advantage of the current rules and regulations regarding Inheritance Tax.
Navigating the stony path through rules and regulations around the payment of Inheritance Tax is not as simple and straightforward as it may seem. Since we all have a totally unique set of financial, family, home and health circumstances, each individual person who comes to the task of writing a Will needs to either research the options available to them and make decisions based on freely available advice and guidance or work with an expert financial advisor and planner.
Listen to the programme to find out what the rules are and how they may affect you when it comes to leaving your estate, including property and assets to your loved ones.
Help from Supportive Organisations
Funeral Planning Authority
STEP – Family Advice Association
HMRC Guidance on Trusts that do and don’t pay inheritance tax:
Sussex Will Writers is proud to be a sponsor of Dementia Friends. For all Wills and Lasting Powers of Attorney that we arrange,Sussex Will Writes will donate £25
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Frequently Asked Questions
WHAT TO DO WHEN SOMEONE DIES?
1. Get a medical certificate from a GP or hospital Doctor, you need this to register the death.
2. Register the death within 5 days , then you’ll get the documents you need for the funeral.
3. Arrange the funeral.
More information on this can be found at: https://gov.uk/after-a-death/overview
LOST ACCOUNTS? UNSURE WHAT ACCOUNTS WERE OWNED BY THE DECEASED?
Executors and Administrators may not always be aware of the financial composition of the estate they are dealing with. If the Executors/Administrators are unsure, it is always best to search for ‘lost’ accounts online.
This can be done at:- https://www.mylostaccount.org.uk/
HOW CAN I WORK OUT THE VALUE OF SHARES AT THE DATE OF DEATH?
If you know the amount of shares owned by the deceased and the date of death, an easy calculation can be done to work out the value of the holding.
Amount of shares x historical share price at death / 100 = value of shareholding
Historical share prices can be found here:- https://uk.finance.yahoo.com
INHERITANCE TAX THRESHOLDS – PAST & PRESENT
The Inheritance Tax threshold (i.e. the value of an estate where IHT is charged at 0%) is currently £325,000.00. However, there are different thresholds for previous years.
INHERITANCE TAX RATES
The rate of Inheritance Tax is 40% on anything above the threshold. The rate may be reduced to 36% if 10% or more of the estate is left to charity.
Information on this can be found at:- https://www.gov.uk/inheritance-tax/giving-to-charity-to-reduce-an-inheritance-tax-bill
WHO PAYS INHERITANCE TAX?
Usually the ‘Executor’ of the will or the ‘administrator’ of the estate pays Inheritance Tax using funds from the estate.
Information on this can be found at: https://www.gov.uk/trusts-taxes/trusts-and-inheritance-tax
WHAT EXEMPTIONS ARE THERE AVAILABLE TO INHERITANCE TAX?
Some gifts will be exempt from Inheritance Tax, providing they meet specific requirements.
These requirements can be found below:- https://www.gov.uk/inheritance-tax/gifts
WHAT IS THE LAND REGISTRY?
The Land Registry (officially known under the Land Registration Act 2002 as Her Majesty’s Land Registry) is a non-ministerial government department, which deals mostly with matters relating to the registration and transfer of land.
Information on this can be found at: https://www.gov.uk/government/organisations/land-registry
HOW CAN I FIND OUT THE OWNERSHIP OF A PROPERTY?
Properties can be held either as Joint Tenants or Tenants in Common. The ownership of the property will affect how the property is distributed on death. A jointly owned property will automatically pass to the survivor whereas a share in a property owned as Tenants in Common will form part of the estate of the deceased and pass according to the Will.
Searches can be done online to establish this:- https://www.gov.uk/search-property-information-land-registry
WHY DO WE NEED TO PROVIDE IDENTIFICATION DOCUMENTATION FOR EXECUTORS AND BENEFICIARIES?
The Money Laundering Regulations 2007 were implemented in order to protect the UK financial system and, as such, businesses which are subject to the regulations have to ensure that they put in place certain controls to prevent their business from being used for money laundering by criminals and terrorists.
Unfortunately, this has meant that identity checks have to be carried out for all clients when undertaking a transaction that involves money changing hands. In reality this means that we have to check their identity to ensure that they are the person that they are claiming to be.
More information on this can be found at:- https://www.gov.uk/business-tax/money-laundering-regulations
Sussex Will Writers are proud to sponsor Impact on Life, Healthcare Publishing.
Impact on Life provide free, independent advice and information through the Health Care Media range of literature which contain useful local contacts and further sources of specific information.
The Health Care Media range of literature is distributed free-of-charge to the public through distributors comprising of doctors surgeries, citizen advice centres, various charities and NHS hospital trusts. The publications aim to provide invaluable advice to members of the public.
Look out for a copy at your doctors surgery.
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Society of Will Writers
Safe Will Storage
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