York - 
27 September 2024
Wills and estates
Emma Elwess, Director, Wills & Probate at Ware & Kay incorporating Pearsons & Ward Solicitors in Malton is encouraging people to plan ahead to help reduce their inheritance tax bill. Latest figures from HMRC show that inheritance tax (IHT) receipts were £7.5 billion in the 2023/2024 tax year, up from £7.09 billion in the previous year. By taking advantage of available tax reliefs and planning carefully, individuals and families can make sure their loved ones pay the smallest tax bill possible and get the most out of what they inherit. The Association of Lifetime Lawyers represents a community of the most qualified legal professionals in the UK supporting vulnerable and older people with expert advice and support. Emma, a member of The Association of Lifetime Lawyers says there are precautionary steps to take if you…
17 September 2024
Wills and estates
Have you recently inherited assets from a family member or a friend who has recently passed away? We appreciate that there are circumstances where you might not necessarily wish to receive your inheritance and may wish to redirect it elsewhere. Some of the common reasons why are as follows: Honouring Updated Wishes: You know/suspect that the deceased’s wishes had changed since they made their Will some years prior and you wish to honour what you believe to be their final wishes. A Deed of Variation is an ideal way to do this. Supporting Others: You would like to help other family members/friends/charitable organisations by passing on wealth to them. Inheritance Tax Concerns You expect that Inheritance Tax will be payable on your death due to the size of your…
17 September 2024
Wills and estates
Sian Foster, Director, Wills & Probate at Ware & Kay incorporating Pearsons & Ward Solicitors in York is encouraging people to plan ahead to help reduce their inheritance tax bill. Latest figures from HMRC show that inheritance tax (IHT) receipts were £7.5 billion in the 2023/2024 tax year, up from £7.09 billion in the previous year. By taking advantage of available tax reliefs and planning carefully, individuals and families can make sure their loved ones pay the smallest tax bill possible and get the most out of what they inherit. The Association of Lifetime Lawyers represents a community of the most qualified legal professionals in the UK supporting vulnerable and older people with expert advice and support. Sian, a member of The Association of Lifetime Lawyers says there are precautionary steps to take if you…
11 September 2024
Litigation
You may have read in the news of many wealthy international divorces occurring in England, such as the divorce of the Dubai ruler, Sheikh Mohammed bin Rashid Al Maktoum, believed to be one of the largest in the history of UK divorces. The popularity of England and Wales for international divorce is due to the many benefits it can afford in comparison to other countries. Judges tend to have much greater discretion in England or Wales, and our starting point of equality is not always matched in other jurisdictions. If you did not marry in England or Wales, or if you or your spouse do not currently live in England or Wales, you may be wondering if you would be able to obtain a divorce here. To be allowed to divorce in England or Wales, you…
06 September 2024
Wills and estates
Many of us like to include legacies (gifts) in our Wills whether to family, friends, executors and /or to charities. Legacies can be general (usually an amount of money) or specific (particular assets you own such as jewellery) Including a legacy in a Will may seem straightforward but there are issues which should be considered. What is the priority? Legacies take priority and are paid before the remainder of an estate is distributed. You may include a gift of £100,000 to your grandson on the basis that you were worth £500,000 when you made your Will and specify that your daughter should receive the remainder of your estate. However, if your net worth was £150,000 by the time of your death, would you still wish for your grandson to receive £100,000 if your daughter…
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