Can I avoid selling my house to pay for care fees?
There is no requirement for your property to be sold to pay for care fees. What is expected is that you pay the monthly fees and most people ultimately sell a property when they move into care as the property will be empty.
Is there a seven-year inheritance tax rule?
You can give away money or property and, provided that you survive seven years from making the gift, that amount will be ignored for inheritance tax purposes. If you do not survive seven years from making the gift, your estate may need to pay some inheritance tax on the gift.
What is inheritance tax?
Inheritance tax is a tax payable when a person has died and their wealth exceeds the inheritance tax threshold. This is currently £325,000 for unmarried people and £650,000 for married people who leave everything to the surviving spouse on the death of the first. The taxable rate is 40% over and above the inheritance tax threshold.
Can I change my will?
You can change your will as often as you like, provided that you have the mental capacity to do so.
What is a beneficiary?
A beneficiary is a person who receives some form of benefit in a will.
What is an executor of a will?
An executor is the person who is responsible for seeing that the wishes of your will are carried out. It is the executor who formally represents you when you have died and this person collects in your assets and then distributes them in accordance with the terms of the will.
What is a living will?
A living will is a document which states what you would like to happen if you become mentally incapacitated and it appoints someone to make medical decisions for you in that instance.
How much is a power of attorney?
Our prices start at £600+ for two lasting powers of attorney and you will need to pay the Office of the Public Guardian’s registration fee of £110 per document which needs to be registered.
What is a power of attorney?
A power of attorney is a legal document which allows you to formally appoint someone to be able to manage your affairs for you if you become incapacitated in any way. The document covers both the occurrence of a physical and mental incapacity and will authorise your attorney to manage your financial affairs and make decisions about your health and personal welfare.
What is a grant of probate?
A grant of probate is a court issued certificate which authenticates a person’s will after they have died and is the document which formally appoints the executor.