Last month, AMD Solicitors hosted two probate talks to outline current issues in Private Client Law. The talks are held to inform members of the public about the changing law and there are opportunities to ask questions. We had an excellent turn out last month presenting to 30 people at the Trinity-Henleaze United Reformed Church.
A brief summary of the topics covered by our solicitors, Andrew Jack and Florence Pearce is as follows:-
–The importance of having a Will. A Will enables you to detail how your estate is dealt with in the event of your death. They also govern other important aspects such as who will look after your children or how a vulnerable relative will be looked after financially if you are no longer here. If you die without leaving a Will, it means you die “intestate”. This means that government rules determine where your estate will pass.. If you want to have control of where your estate goes in the event of your death, it is essential you draw up a Will.
–Why do I need a Lasting Power of Attorney (LPA)? The number of people making LPA arrangements has doubled in recent years. This may be due to our aging population and increased awareness of conditions such as dementia, or to more people understanding the importance of having an LPA in place. There are two types of LPA, one which governs your financial decisions and the other governs decisions in relation to your health and welfare. The documents enable you to appoint someone you trust to look after your affairs on your behalf and ensure that any preferences that you have in relation to, for example, your care or living accommodation are implemented in the event that you can’t make decisions yourself.
–The Main Residence Nil Rate Band. In the summer budget 2015 the government introduced a further nil rate band which can be claimed when a person leaves their residence to a direct descendant. By 2020, an individual can potentially claim £175k more than they can at present. The criteria for claiming the new main residence nil rate band as of 6 April 2017 are that the residence in question must be passed on death, the relief only applies to a single residence and the beneficiary of the property must be a direct descendant. There are limitations that the government have imposed on the relief, including that the relief begins to reduce in value once your estate exceeds £2 million.
If you would like to discuss any of the above matters, please contact the AMD Solicitors private client department. The department includes full members of ‘STEP’, the leading provider of specialist accreditation in this field. For advice on inheritance tax, administration of deceased estates, wills, lasting powers of attorney and all private client issues contact Andrew Jack, Florence Pearce or another member of the team on 0117 9621205, email firstname.lastname@example.org, or call into one of our four Bristol Offices.
100 Henleaze Road, Henleaze BS9 4JZ 15 The Mall, Clifton BS8 4DS
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