There has been a recent change to the Inheritance Tax rules, which have allowed married couples to have a limit of £600,000 between them, before they are charged Inheritance Tax. Previously this was only £300,000 per person, and you could not make use of your husband/wife’s allowance. You should still be careful to consider the size of your estate despite this change in the law, and plan your Will early. Specialist advice is available in relation to this.
It is not only wise to reconsider the terms of your Will for tax planning purposes. Many people do not anticipate that after they die, their relatives or friends may try to dispute the Will. If a person dies without making a Will (i.e. intestate), then this can lead to even more trouble, as unmarried partners may not inherit anything.
If a Will is invalid, then assets may not pass on to the people you want them to go to. These risks can be reduced by seeking proper advice, and having a professional draft the Will.
Another form of dispute is where someone feels that they have not been given enough upon a relative’s death. This kind of claim needs to be brought within 6 months from the date of the grant of probate or you will lose the right to do so. You also have to show that you were dependant in some way upon the deceased. Those affected by this kind of dispute, whether bringing or defending a claim, should seek urgent legal advice.
There are many other kinds of disputes that can arise regarding the estate of someone who has died. Claims are not confined to the validity of a Will, or financial dependents. At Stephensons, our litigation department specialises in all Inheritance Disputes. Often, these disputes can be resolved by discussion or mediation, but sometimes, these cases end up going to court.
Legal aid may be available, and an assessment as to see whether you qualify for public funding can be done quickly over the phone. Legal Expenses Insurance may also sometimes cover this kind of dispute.
