What would happen to you (and your wealth) if you could no longer make independent choices? Power of attorney is designed to account for this scenario. As a legal document, it stipulates the conditions under which a trusted person acts on your behalf if, for instance, you lose “mental capacity”…
Being a grandparent brings so many joys. You get to spend more time with small children (often without so many of the responsibilities, such as the sleepless nights!). You get to be a part of fun days out and hosting big family dinners. It can be an opportunity to connect with your own child as you help…
What would happen if you could no longer make decisions about your own finances? The case of Kate Garraway’s husband still hangs prominently in public consciousness. After he contracted COVID-19 in March 2020, Derek Draper became seriously ill and suffered severe internal organ damage…
Inheritance tax (IHT) is one of the UK’s most notoriously complex taxes. It also touches on some sensitive topics in family discussions, since estate planning concerns “who gets what” when the owner dies. However, the subject must be tackled and it’s important to leave the best legacy…
Interest in making a will seems to peak during crises. In April 2020, for instance, wills saw a 682% increase in interest as the first COVID-19 lockdown was imposed. Later in the year, wills interest soared again as the media reported on Boris Johnson’s admission to intensive care. Yet despite events over the last 18 months, many British people still do not have a will.
Intuitively, most of us know that it is best to have a Will in place for an estate plan. Yet what are the concrete benefits of doing so? How, exactly, is it better than doing nothing? Below, our team at Elmfield Financial Planning in Padiham, Burnley, Lancashire answer by specifying how the UK’s rules work. We hope you…
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