As we welcome in another New Year, it’s the perfect time for a legal health check, protecting what matters most – your family. At Cunningtons Solicitors, we’re here to help our clients ensure that their legal arrangements reflect their wishes and current circumstances.
Think of a legal health check as an annual medical check-up, but for you and your family’s legal well-being. Bryony Wilmshurst, Cunningtons’ partner and a member of The Association of Lifetime Lawyers, explains:
Did you know that almost half of UK adults over 30 haven’t made a Will? This simple oversight leaves families across the country at risk of facing unnecessary challenges during an already difficult time.
Your Will: Keep it Current
A Will should be reviewed every five years or after any major life changes. These changes might include a marriage or civil partnership, divorce or dissolution of a civil partnership, a birth, a death in your family, or if you or one of your beneficiaries has obtained a Gender Recognition Certificate.
Bryony emphasises the importance of having a valid Will for parents of young children:
Protect Your Future Choices
Setting up a Lasting Power of Attorney (LPA) is another crucial step. This ensures that someone you trust can manage your financial and healthcare decisions if you become unable to do so yourself. You can establish two types of LPA: one for Property and Financial Affairs, and another for Health and Welfare decisions.
Planning Ahead
Preparing for the unexpected is essential. Bryony advises creating a secure emergency document with essential contacts and key details for accessing important accounts. She also recommends documenting funeral wishes to reduce the emotional burden on loved ones during a difficult time.
Expert Help is Available
Where possible, Bryony recommends speaking to an experienced legal professional, such as a Lifetime Lawyer, to ensure that all your crucial documents are thorough, valid, and reflect your intentions accurately.
Ready to start your legal health check? Our expert and approachable team at Cunningtons is here to help make the process clear and straightforward.
You can contact one of our Wills and Probate specialists through our branches in Braintree, Brighton, Chelmsford, Croydon, Hornchurch or Wickford.
I have £12000 inheritance from my dad’s will there are 5 more family members on the will but me and me sister and brother all get £12000 each the other 3 get the rest. When the house is sold but I want to give £9000 of my inheritance to my daughter from my inheritance.
Thank you for your enquiry.
Everyone has an annual gift exemption of £3,000. This is the amount you can give away each year without the value of the gift being added to your estate for inheritance tax purposes if you die within seven years of making the gift. You can give gifts or money up to £3,000 each tax year to one person or split the £3,000 between several people. This amount can be carried forward for one year only. If you have not used your annual exemption this tax year or the last tax year you can give £6,000 to your daughter free of tax, if you were to give her £9,000.00 now £6,000.00 would be exemption and £3,000 is what is known as a Potentially Exempt Transfer which means the value would fall back in to your estate for inheritance tax purposes if you die within seven years of making the gift, if you survive for seven year the value is then outside of your estate.
If you are married and your spouse has not used their annual allowance you could gift part of the funds to your spouse for them to gift on to your daughter thereby using your spouses annual allowance also.
Alternatively if you have used your annual allowance and your estate is likely to be subject to inheritance and we were we still with two years of the date of death of the deceased you may wish to consider a deed of variation. Please click on this link for information about Deeds of Variation: https://cunningtons.co.uk/deed-of-variation-uses/
If you require any further information please do not hesitate to contact one of the team on 01376 567280.