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Insights

Two-thirds of those planning to retire this year will work part-time to keep up with the rising cost of living

Posted on 06th April 2022 in Probate & Wills, Later Life Planning

Abrdn have surveyed 2,000 of Brits and the results show that instead of retiring, many of us are considering part-time work with two-thirds (66%) planning to remain in some form of employment in 2022 compared to 56% in 2021 and 34% in 2020.

Posted by

Sue Halfyard

Senior Associate and Chartered Legal Executive

Insights

Registration of Trusts with H M Revenue & Customs

Posted on 25th March 2022 in Probate & Wills, Later Life Planning

The Financial Times has reported that as many of 1 million trusts in the UK could be caught by a new requirement to register trusts with HMRC.  Failure not to register could result in the risk of fines and potentially difficulties accessing professional advice.

Posted by

Sue Halfyard

Senior Associate and Chartered Legal Executive

Insights

Change to LPAs allows discretionary fund management

Posted on 25th March 2022 in Probate & Wills, Later Life Planning

The OPG is expected to update its LP12 guidance note to confirm that attorneys will not require specific wording in order to instruct discretionary fund managers.

Posted by

Emma Ruttley

Solicitor

Insights

Department for Health and Social Care issue a consultation on draft statutory guidance concerning the care charging reforms

Posted on 14th March 2022 in Probate & Wills, Later Life Planning, Safeguarding Vulnerable Clients

The government announced in September 2021 charging reforms and their commitment that personal care costs in England will be capped at £86,000 over a person's lifetime. This is scheduled to take effect in October 2023.

Posted by

Sue Halfyard

Senior Associate and Chartered Legal Executive

Insights

Estate Administration - missed assets and liabilities

Posted on 04th March 2022 in Probate & Wills, Later Life Planning

One of the main roles of a personal representative’s role is to identify all the assets and liabilities in the estate.  

Posted by

Sue Halfyard

Senior Associate and Chartered Legal Executive

Insights

Can I make gifts as an attorney?

Posted on 18th February 2022 in Later Life Planning

If you are appointed as an attorney under a Lasting Power of Attorney (LPA), you may wonder whether it is possible to make gifts on the donor’s behalf, for instance to family members or charities they would support.

Posted by

Emma Ruttley

Solicitor

Insights

78% admit to not seeking advice on retirement plans

Posted on 16th February 2022 in Probate & Wills, Later Life Planning

New research by abrdn reveals four in five (78%) retirees admit they have not sought any professional financial advice on their retirement plans.

Posted by

Sue Halfyard

Senior Associate and Chartered Legal Executive

Insights

Deceased's nominees can now be given access to Apple iCloud

Posted on 17th December 2021 in Later Life Planning

When someone dies family members and friends often wish to have access to the deceased’s data stored on their iCloud account but without knowing the password this is not always possible and can cause difficulties.

Posted by

Sue Halfyard

Senior Associate and Chartered Legal Executive

Insights

CMA updates care homes guidance following High Court decision

Posted on 15th December 2021 in Later Life Planning, Company & Commercial

Following the High Court’s decision in Competition and Markets Authority v Care UK Health & Social Holdings Ltd and another [2021] EWHC 2088 (Ch), the Competition and Markets Authority has updated its sector-specific guidance for care homes.

Posted by

Oliver Kent

Trainee Solicitor

Insights

Proposed reforms to the charging system of adult social care in England

Posted on 26th November 2021 in Later Life Planning, Safeguarding Vulnerable Clients

STEP has reported that the Government has published more details of its proposed reforms to the charging system of adult social care in England, including a lifetime cap on the charges for personal care.

Posted by

Sue Halfyard

Senior Associate and Chartered Legal Executive

Insights

Unexpected tax bill warning when gifting money

Posted on 26th November 2021 in Later Life Planning

A recent poll conducted by financial advisors Killik & Co has shown that many people do not understand the rules of Inheritance Tax.

Posted by

Sue Halfyard

Senior Associate and Chartered Legal Executive

Insights

HMRC warns of errors in property disposal reporting

Posted on 19th November 2021 in Probate & Wills, Later Life Planning

HMRC have identified potential errors regarding the declaration of residential property disposals for Capital Gains Tax (CGT) purposes when completing self-assessment tax returns for 2019/20.

Posted by

Sue Halfyard

Senior Associate and Chartered Legal Executive