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Lifetime Planning

Please find below the latest blogs from our Lifetime Planning team.

Ask The Legal Expert- Making A Will and Succession Planning in a Small Business

Richard Howells
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I run a plumbing business with my dad, who plans to leave it to me on retirement. Dad is 65 now and a little forgetful. He has left signed and detailed instructions about our succession plans, but not as a formal Will. He argues that everyone has always...

Are Your Digital Assets Protected?

Allison Kent
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We live in an increasingly digital world but very few of us give any thought about what will happen to our digital ‘assets’ when we die. Indeed, there are still more people who die without a Will than with one – and of the (relatively) few...

Ask the Legal Expert - Important Inheritance Tax Changes

Ian Fudge
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Ian Fudge, a specialist in Wills and Probate from the Lifetime Planning team, sheds light on new rules on Inheritance Tax and Capital Gains Tax to emerge from the Spring Budget While the National Insurance kerfuffle grabbed the headlines, there were other...

Complex Inheritance Case Highlights The Principle of Reasonable Financial Provision

Richard Howells
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The widely-reported case of a daughter who has made a claim on her mother’s estate after her death, despite their long estrangement, highlights the importance of leaving very clear instructions in your will about how you expect your estate to be...

Ask The Legal Expert: Preventing Inheritance Claims

Richard Howells
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JCP Director and Head of Lifetime Planning Disputes, Richard Howells, shares advice on preventing inheritance claims after death. “My son has worked with me on the family farm for 20 years and I have told him in the past that he would inherit the...

Importance of preparing a will

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“By failing to prepare, you are preparing to fail” … Benjamin Franklin perfectly summarises the position in respect of preparing a will. Many underestimate the importance of preparing a will and many assume that it is too early to think...

Making A Will

Ian Fudge
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Making a Will is often seen as something you should do later in life. It is actually a very important part of Lifetime Planning for us all. We asked Ian Fudge, Director at JCP Solicitors and President of this year’s Pembrokeshire County Show why...

Remember a Charity in Your Will Week.

Sean Boucher
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This years‘ remember a charity in your Will’ week takes place between 7 – 13 September. The purpose of the week is to help promote charitable giving in Wills. Charities rely heavily on these donations, with many estimating that between 20%...

Why We All Should Make A Lasting Power Of Attorney

JCP Solicitors
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Whilst we do not like to think about it, the number of those suffering with Dementia and Alzheimer’s is on the increase.  Also due to a more advanced health service we are more likely to survive an illness, such as a stroke and heart attack. ...

Own Property Abroad? The New EU Succession Rules May Affect You

JCP Solicitors
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There is a new EU regulation in relation to succession known as Brussels IV.  This regulation will apply to the succession of assets of those who die on or after 17th August 2015.  The regulations govern which EU member states rules will apply to...

Where There's A Will, There's A Way...

JCP Solicitors
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Does anybody like the thought of making a Will? It’s not an easy subject to broach and many of us will simply put it off until another day. Whilst there are rules in place, known as the intestacy rules, which will apply where there is no Will, this may...

There's A Legend In All Of Us

JCP Solicitors
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Every day, people are doing legendary things for good causes – sky diving, mountain climbing, marathon running to name a few.  Gifts in Wills are lesser known, but equally legendary acts in the way they support charities. They are worth more than...

DIY Probate Administration Sees Will Claims Triple

JCP Solicitors
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The increase in people deciding to act as executor and deal with a person’s estate without taking professional advice has meant claims at the High Court against executors for breach of their duty to a deceased’s estate have tripled in the last...

Willpower: Mind Over Matter

Richard Howells
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For a will to be valid, the person making the will, known as “the Testator” must have sufficient mental capacity to execute the will at the time the will was signed and witnessed.  The test for testamentary capacity has long been established...

Inheritance Tax Update

Beverley Bowen
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After last week’s Budget announcements David Cameron has confirmed that he would still like to look at increasing the Inheritance Tax threshold. At present the Inheritance Tax threshold (called the nil rate band) is £325,000 per person. ...

Will Not Invalidate

Richard Howells
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Until recently, it was established law that a will had to be signed correctly to be valid, however, the recent ruling by the Supreme Court in the case of Marley v Rawlings [2013] has cast a shadow of doubt over this presumption. The case concerned a will of...

The Budget 2014 And Inheritance Tax Implications

Beverley Bowen
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Wednesday 19th March saw George Osborne announce his 5th Budget as Chancellor. There was little news regarding Inheritance Tax.  It was announced in the 2013 Budget the threshold for inheritance tax is to be frozen at £325,000 until the tax...

What If....You Prefer To Leave Your Money To Your Family Than The Tax Man?

Allison Kent
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See how we can help you pass on more of your hard-earned money and possessions. Inheritance Tax planning should begin early in life.  There are many exemptions and reliefs available to limit the amount of Tax your family will need to pay after your...

What If...You Intend To Get Married Or Divorced- Should You Make Or Update Your Will?

Allison Kent
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Getting married revokes any Will you have in place (unless the marriage is already anticipated and provided for in the Will) so you will almost always need to make a new one.  You shouldn’t wait until after the wedding to do this – it should...

Farmland & Planning For The Future

Beverley Bowen
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Mum, Dad and son are all partners in a farm where the farmland is owned 50% by Mum and 50% by Dad.  Mum and Dad make Wills under which they pass their respective partnership shares to their son on first death but the remainder of the estate is to pass...

The Document That Everyone Wishes They Had Written When It's Too Late

Chris Shaw
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I am always surprised at the number of business owners that I talk to who have not considered the impact that the unexpected death or critical illness of one of the owners would have on their business. Many have successful businesses and are understandably...

What If....You Get Married After Making Your Will?

Allison Kent
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Did you know that your Will would usually be invalid? The law assumes that your wishes will change when you marry and therefore unless you make specific provision, your Will is automatically void when you say “I do”.  You are then treated as...

What If..... Your Spouse Remarries After You Die- Will Your Children Lose Their Inheritance?

Allison Kent
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If you leave all of your assets to your spouse, those assets then belong to your spouse.  He or she can do with them whatever they wish.  If they remarry their new husband/wife may well have a claim against those assets on a divorce or on the death...

The Autumn Statement And Your Lifetime Planning Arrangements

Beverley Bowen
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Yesterday saw George Osborne release his 2013 Autumn Statement.  In the Statement Mr Osborne reminded everyone that this Government is clamping down on tax evasion, avoidance and aggressive tax planning. There was no announcement regarding any changes...

Life Interest Trusts

Beverley Bowen
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Interest in possession trusts, also known as life interest trusts, are a common form of trust and can be created either under your Will or as a lifetime trust.  This type of trust gives the beneficiary an immediate right to any income earned in the...

Your Will And Protecting Family Members With Learning Disabilities

Allison Kent
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Parents naturally want to protect and provide for their children and one of the key ways to do this is to make a Will.  For parents of young children or adult children with learning disabilities this is even more essential.   Without a Will,...

Lasting Powers Of Attorney - Are They Really That Important?

JCP Solicitors
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Thinking and talking about what would happen to our assets and finances if we suffered from a serious accident or mental illness is not something we like to think about.  Sadly these situations do happen and usually without warning.  What we often...