*Attention unmarried couples*
It is increasingly becoming a societal norm for couples to live together long-term, combine finances/homes and have children without ever marrying. Many assume they are in a “common law” marriage and that one party’s assets will pass to the other on death. That is not the case. Cohabitants do not automatically have any claim on the estate of their partner and it is up to a court to decide how much of an estate, if any, is awarded to the cohabitant. This means it is vital for couples in this position to have Wills prepared to ensure their wishes are carried out after their death. Not having a Will could leave your partner in an uncomfortable financial position with the potential of even having to sell their home.
Please contact us on 01592 205151 to arrange a meeting to discuss your Will.
Inheritance Tax – Residential Nil Rate Band: While it is a problem many people would like to have, the thought of paying 40% inheritance tax on your estate can be galling. The government has now introduced a Residence Nil Rate Band meaning that by 2020 individuals will, in certain circumstances, be able to leave up to £500,000 (£1million for married couples) without having to pay any inheritance tax. It is, of course, more complicated than that! This article from the Law Society of Scotland Journal provides a good starting point for those of you who may be affected. If you would like to discuss the implications of this change and any necessary amendments to your Will or inheritance tax planning please contact our office.
Land and Buildings Transaction Tax
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