Power Of Attorney Refund Scheme Launched
A refund scheme for those who have been overcharged for their power of attorney registration fees has recently been launched.
In an announcement made by the Ministry of Justice (MoJ). The refunds are being offered to those who may have been charged more than was necessary when they applied to register for powers of attorney between the 1st of April 2013 and the 31st of March 2017.
Does The New RNRB Affect You?
Back in April of this year, new legislation was introduced which may result in a reduction of the amount of Inheritance Tax (IHT) your estate pays when you die. If at that time your estate is taxable for inheritance tax purposes.
What is the Residential Nil Rate Band (RNRB)?
The RNRB know as the Residential Nil Rate Allowance or (RNRA) as it is referred to in some publications. This is a new tax allowance in addition to the existing Nil Rate Band (NRB) Inheritance Tax allowance.
Will Exclusion Circumstances Explained
When you fail to name a beneficiary in your Will who may have expected to inherit you are effectively making a deliberate exclusion. Different circumstances and wishes for the distribution of your estate can lead to such an exclusion.
A deliberate exclusion could simply be because a child who would have normally been a beneficiary of your Will did not want to be a beneficiary for tax reasons or they simply had enough personal assets that they did not require further wealth.
It has come to our attention today that The Office of the Public Guardian for England and Wales (OPG) has admitted to charging excessive fees for issuing powers of attorney for the past four years and full details of a refund scheme will be announced ‘in due course’.
Lasting Power of Attorney Fee Reduced
From 1st April 2017, the fees for applying to register Lasting Powers of Attorney (LPA) have been reduced from £110 for each Lasting Power of Attorney. To £82, with the fee for resubmitting a Lasting Power of Attorney for registration reducing from £55 to £41.
Have you recently suffered a bereavement?
Dealing with someone’s affairs when they die can be complicated and confusing, especially at a difficult and emotional time.
Whilst it is possible to deal with these matters on your own we often find that getting professional support to administer your friend or loved one’s estate. Makes the process run much more smoothly and helps avoid costly and stressful mistakes being made.
What is involved in routine estate administration?
Executors of a Will have the legal responsibility of establishing the extent of the deceased estate. Paying the liabilities and expenses of the deceased. Including any inheritance tax where applicable, and distributing the remaining residual balance of the estate to the chosen beneficiaries.
The law requires that the administration of a deceased persons estate be carried out with due diligence. Administering an estate usually involves the following steps:
There are many reasons why a person in your life may no longer be able to manage their own financial affairs. Or make informed decisions about their personal welfare.
When this happens it is called “loss of mental capacity”. Illnesses such as Alzheimer’s, Parkinson’s and other forms of Dementia can often be the cause of someone losing the ability to make their own decisions.
Probate Frequently Asked Questions
Taking care of a loved one’s estate and financial affairs when they die can be complicated and confusing. Especially at such an emotional and difficult time. Below are some answers to frequently asked questions about Probate.