A General Power of Attorney is a legal document that allows an individual known as the ‘Donor’ to authorise someone else known as the ‘Attorney’ to act on the Donors behalf with regard to their property and affairs.
A General Power of Attorney automatically ends if the Donor dies or loses the mental capacity to make a decision for themselves.
If a Donor loses mental capacity whilst not having also registered a Lasting Power of Attorney an application to the court of protection would need to be made with regards to the management of the individuals property and affairs.
On the 1st of October 2014 the Inheritance and Trustees Powers Act 2014 came into force which included making some changes to the Intestacy Rules of England & Wales,
If you die without making a Will, then your estate will be distributed subject to these Rules of Intestacy.
The Rules of Intestacy do not necessarily distribute assets in the most tax-efficient manner and do not always distribute assets in a way that a deceased person would have wanted.
When is Inheritance Tax Charged?
For a single person, the current Inheritance Tax IHT nil rate band threshold is £325,000.
If on death a persons Estate is valued at more than this threshold then Inheritance Tax is payable and is currently charged at a rate of 40% on anything over the threshold.
As a result of changes in October 2007, married couples and registered civil partners can increase the threshold on their Estate when the second partner dies too as much as £650,000 by transferring any unused IHT threshold from their spouse or partner.
Trusts can be used to control the distribution of a persons (the Settlor’s) property and assets. This is achieved by either the creation of a Trust within a Will or by a separate Trust Deed.
There are numerous different types of Trust’s, some are designed to come into force in the event of death others form part of an individuals lifetime planning.
Trusts can be created to benefit the Settlor (the person placing the assets into trust) or for bloodline planning purposes to benefit a surviving spouse, children and grandchildren.
On the 1st of October 2014 the Inheritance and Trustees Powers Act 2014 came into force.
In England & Wales If you die without making a Will, then your estate will be distributed subject to the Rules of Intestacy.
If you want to ensure your estate is distributed to the people you want to inherit, then you need to Make a Will.
We are currently creating a 2014 Intestacy Rules Flowchart and will update this post with a link to it, so bookmark this page and check back soon.
Recently the Court of Justice of the European Union ruled that certain users can ask search engines to remove results.
The results that can be removed are for queries that include the user’s name where the results returned are “inadequate, irrelevant or no longer relevant, or excessive in relation to the purposes for which they were processed.”
The ruling from the Court of Justice is commonly being referred to as a “right to be forgotten” request.
On the 1st of October 2014 the laws of Intestacy were updated, please read Intestacy Rules 2015 Flowchart for the up to date Intestacy laws.
In England & Wales, If you die without making a Will, the State makes one for you.
The state does this by following a set of Statutory Legacies known as the Rules of Intestacy.
The current levels for Statutory Legacies came into effect in February 2009.
A little under two years ago we set out to create a blog that would provide useful information for all our Estate Planning clients and visitors to our website. Little did we know how successful our blog would become.
Last year after great feedback from our clients and partners we thought it would be a good idea to test the water and enter the Mind At Rest Wills Blog into the National UK Blog Awards 2014.
With Easter just around the corner, many of us are about to focus on some of the DIY projects that we have had in the back of our minds or left on our To Do List for some time.
One of the DIY projects people often want to find out more about is DIY Will-Writing and Estate Planning. So let’s look at some of the common questions asked.
Common Questions About DIY Estate Planning
Can I Write My Own Will?