Approaching the task of making a will can be a daunting prospect; indeed, some people believe they don’t need a will either because the value of their estate is small, they are too young to need a will yet, or they think they can’t afford it. At Norfolk Will...
If you die without a will in place, your estate will be equally distributed to your nearest family members in accordance with intestacy rules. Whilst this may be what you wish for, if it isn’t people may benefit from your estate against your intentions. For example, if you have...
If there’s one thing the Covid-19 pandemic has taught a lot of people, it’s the importance of writing a will before your death. According to the deVere Group, enquiries about writing a will increased by 76% during the pandemic, with the main focus on financial planning and property assets....
According to research by Canada Life, three in five adults in the UK have not written a will; that equates to 59% of the population – 31 million people who have not written down who should inherit their estate, including property, cars, jewellery, artwork and cash, should they die....
When you draw up a will, part of the process is to appoint an executor or executors who are tasked with the responsibility of managing your estate when you die. In most cases, it is recommended you choose more than one executor. Being asked to be an executor of...
There is a general misconception that an executor of a will can’t be a beneficiary as well. Actually, that’s not the case at all. An executor can also be a beneficiary. However, there are some tasks they are not allowed to do, as well as some restrictions. Let’s look...
When someone dies, their beneficiaries are required to pay tax on their inheritance if the value of the deceased’s estate is over HMRC’s nil rate band threshold, which currently stands at £325,000. However, it is possible to lessen the tax burden on your family through discretionary trusts. Let’s look...