Inheritance tax changes: what they mean for your pension
Many clients have inquired about the recent Budget announcements and how the changes to pensions will impact inheritance tax (IHT).
Start planning now to give you and your family a better future. Our specialist legal and financial advisers cover: pensions and investment advice, equity release, powers of attorney, making a will, care fees planning and gifting money to children.
At Tees our lawyers and independent financial advisers work together. This gives you a joined-up view of your plans for your future and you can get everything organised in one go.
Our later life planning specialists work across the full range of services:
Tees Law boasts a team of solicitors with deep expertise in various legal fields. This multi-disciplinary approach allows the firm to provide comprehensive solutions tailored to client needs.
Our specialist later life advisers can help you protect your assets, make informed decisions, and provide peace of mind for you and your loved ones.
Our specialist lawyers are based in Cambridgeshire, Essex and Hertfordshire, but we can help you wherever you are in England and Wales.
Many clients have inquired about the recent Budget announcements and how the changes to pensions will impact inheritance tax (IHT).
When you build up a money purchase pension, you’re not just planning for your own retirement, you’re also creating a
The Terminally Ill Adults (End of Life) Bill (“the Bill”) is a proposed piece of legislation currently making its way
Have you thought about what would happen to your assets if you died without a Will? It’s a difficult topic
The answers to many of your questions can be found here, please get in touch for further information.
If you die without a will, your money will be distributed under the rules of intestacy. Under intestacy rules, your next of kin can inherit your money and assets according to a strict order of priority.
If you have a spouse or civil partner and children, then your spouse/ civil partner would receive the first £250,000 of your estate and personal chattels. Anything above this amount would be split as to half for the surviving spouse/ civil partner and half equally between your children. If any of your children have predeceased you, then their share may pass to any surviving children of theirs.
If you should pass away without any surviving spouse/civil partner, children or grandchildren then your estate shall pass in accordance with the following order of priority:
If you have no surviving relatives as described above, then your estate would pass to the Crown. Having a properly written will in place means your wishes are known and can be carried out after your death.
The benefits of having a properly written will include:
The National Will Register is an official register of wills in the UK. It is approved by the Law Society and used by many solicitor firms. If your will is registered, solicitors can easily find it after your death.
No – it’s not compulsory to register your will on the National Will Register. However, if you register your will it can make it easier for your family to know what your wishes are after your death.
In order to be valid, a will should be:
Many people wrongly believe that a divorce automatically cancels or invalidates a Will. Similarly, individuals with an existing Will may neglect to review it after a divorce, unaware of the potential implications. Divorce can significantly affect the provisions of a Will, an often overlooked issue. It is essential to update a will whenever there is a major change in circumstances, such as a divorce. Our specialist team can help review your will.
