Research carried out by Direct Line Group has found that 25% of people who are married or co-habiting don’t know where their partner’s money is. This could cause problems in the event that someone dies. If the extent and whereabouts of their assets isn’t known, the administration of their estate could be delayed for a […]
Read MoreWhen someone dies, their estate may be liable to pay an Inheritance Tax (IHT) bill. We look at how to tell whether IHT is due and how it is calculated. The person responsible for dealing with someone’s affairs after their death, known as their personal representative, will need to work out whether any IHT is […]
Read MoreCharities are worried about the impact the new “stealth tax” could have on legacy giving. The Government is facing condemnation after its plans to hike the cost of applying for probate were revealed. Under the proposals, some grieving relatives would need to pay death taxes of up to £6,000 to secure legal control over a […]
Read MoreAccording to the latest figures, there are currently 9,254 unclaimed estates in the UK. With the average value of an estate worth around £150,000, the total amount of this unclaimed inheritance could be worth billions. Property, money, personal belongings and other assets are being left in limbo instead of being passed on to relatives or […]
Read MoreAccording to the latest research, the majority of over-50s don’t understand essential Inheritance Tax terminology. Furthermore, this lack of financial education could result in them passing on less than they expect. The research found that, of the over-50s surveyed: Fewer than 30% understood key Inheritance Tax terminology Only 27% were able to correctly identify that […]
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