Legal

As an executor, you bear significant responsibility for administering the estate of the deceased person. A key challenge during this process is managing any variations in asset valuations that can occur between the date of death and the eventual distribution to beneficiaries. These fluctuations can arise due to changes in market conditions, the nature of the assets themselves, or simply the passage of time. ‘If not handled carefully, variations in valuations during the probate process can impact the entire distribution process, tax liabilities, and your duty to treat beneficiaries fairly and according to the law,’ says Susan Owens head of the wills and probate team with Borneo Martell Turner Coulston ‘Proactively managing asset valuations and seeking expert advice early on can significantly reduce the risk of a dispute and financial loss for beneficiaries.’ Susan Owens delves into the key challenges when managing asset valuations during probate. Timing issues: death, HMRC..

The period after the Christmas holidays often sees an increase in couples seeking divorce or separation. The pressures of the festive season can highlight existing tensions, leading couples to the difficult decision to separate. Family law professionals play an important role in supporting families during this difficult time. They can provide legal guidance, conflict resolution, and provide a means of information that will help to create options to consider for the future, and prioritising the welfare of all that are involved. One of the first steps in helping couples during divorce or separation is to provide clear and accessible legal advice. Wilson Browne offers an initial free call to assess the issues that present and to provide an early opportunity to assess the next steps. Obtaining this guidance early on helps couples make informed decisions and can reduce the stress and anxiety that separation naturally brings. Early legal advice can..

When you are going through a divorce, or dissolution of your civil partnership, a key concern will be to ensure that you will have financial security once it has all been decided. What each of you is likely to earn in the future will be a factor that is looked at for this purpose. This may be a particular area of focus for you, if one of you gave up your career to raise the family and supported the other to progress and flourish in theirs. ‘You may also wonder how a wish to retire early, or perhaps work less, might affect the way in which future earnings are considered,’ says Connor Williams in the family team with Borneo Martell Turner Coulston. ‘It is therefore a good idea to understand how this factor is taken into account, and what you may need to think about before starting the process.’ Is..

With New Year plans in progress, we spoke to Wilson Browne Solicitors about getting your affairs in order with a Will. Do I really need a Will? This is the most common question we get asked, especially from married couples as it is often assumed that everything will simply pass to the surviving spouse. However, if you do not have a Will in place, under the rules in England and Wales, you are deemed as passing intestate meaning it is then left to the intestacy rules to determine who benefits from your estate. Another aspect to note is that un-married partners and co-habitees are not recognised under the intestacy rules and so your partner would not benefit from anything in your estate. If you want control over who inherits from your estate and peace of mind knowing that your wishes will be respected after your death, then you need to..

Lasting Powers of Attorney are like insurance policies: you may never need to use them, but if you do, they’ll make an otherwise unpleasant situation much easier to deal with. A Lasting Power of Attorney is a document that enables you to plan for the future, by appointing someone else to deal with your affairs should you lose capacity. You may lose capacity due to an accident, a serious stroke or dementia. There are two types of Lasting Power of Attorney, one that allows your attorney to deal with your property and finances, and another that allows them to make decisions about your health and welfare. Arguably, it is equally important to have a Lasting Power of Attorney as it is to have a Will. In 2023, there were over 10 million Wills registered with the National Will Register, but only 6 million Lasting Powers of Attorney registered at the..

The latest UK budget introduced several measures that may significantly impact your estate planning, with implications for Inheritance Tax (IHT), Capital Gains Tax (CGT) and pension transfers. These changes may affect the way you manage your estate, make tax-efficient transfers to beneficiaries, or utilise reliefs and exemptions effectively. ‘Given these substantial changes, it is crucial you seek professional advice to navigate the new landscape and ensure your estate planning strategies remain effective and compliant,’ says Susan Owens, Senior Partner at Borneo Martell Turner Coulston . ‘Each person’s circumstances will be unique, so it may also be necessary to involve your independent financial advisor and your accountant.’ Susan explores some of the key budget changes which may affect your estate planning and IHT position. IHT bands remain frozen The budget preserved the current nil-rate band (£325,000) and the residence nil-rate band (£175,000) and these will continue to be fixed at these..

Currently, 1 in 4 divorces involve couples aged over 50. The high proportion of later life divorces reflects wider societal trends. It is no longer unusual for women to have careers and financial independence. It is no longer necessary for people to stay in loveless marriages, especially once adult children have left home. An increased life expectancy is also a contributing factor, with potentially decades of good health ahead, following retirement. Other reasons cited include the lack of stigma now attached to divorce. Getting a divorce is never easy, but it may be especially daunting in later life, when you have potentially been with someone for a long time. It may feel like you are starting all over again. It is important to seek specialist advice about the financial implications of separating at an early stage. Before reaching any agreement, each party should provide the other with full details of..

The Children and Family Court Advisory and Support Service (CAFCASS) works with families who need to go to court to settle a dispute about their children, such as in regard to residence and contact. ‘The extent of their involvement will depend on individual circumstances,’ explains Connor Williams in the family team with Borneo Martell Turner Coulston ‘It is important to understand at the outset how CAFCASS will be involved so that you know what interactions to expect.’ Connor answers some commonly asked questions about CAFCASS. Does CAFCASS have to be involved? This is a requirement for all applications lodged regarding arrangements for children, whether that is deciding who they will live with, spend time with, or other specific issues such as which school they should attend. The involvement of CAFCASS gives the court an independent and professional view on what would be best for the children, from the start of..

Did you know cohabiting couples have increased by 144% since 1996? Wilson Browne solicitors explains the crucial differences in inheritance rights compared to married couples, highlighting the importance of making a Will to protect your estate. According to the latest Census Data from the Office for National Statistics, the number of couples living together, without being married, or in a civil partnership has increased by 144% between 1996 and 2021. Whilst the next Census is not scheduled until 2031, it estimates that cohabiting couples/families accounted for 18% of all families in 2023. Couples who have been living together for a certain number of years often believe, that they would have the same rights as a couple who are married or in a civil partnership. So, what rights do you have if you have been cohabiting and your partner sadly dies? Unfortunately, cohabiting couples do not automatically inherit their partners Estate...

Curious about unlocking the wealth tied up in your home? Wilson Browne solicitors can guide you through the complexities of equity release. Learn about the benefits, drawbacks and important regulations to see if this option is right for your future. Eager to unlock wealth that’s built up in your property, but unsure whether it’s a good idea for you and your family? With equity release, it’s essential you have a clear understanding of the potential benefits and pitfalls of your chosen scheme. Fortunately, equity-release schemes have high levels of safeguarding in place and must follow a strict code of conduct in order to protect consumer interests. These strict regulations are set out by the Financial Conduct Authority (FCA) with the oversight of the Equity Release Council (ERC) and must be followed by all equity release scheme providers and advisors. Like any loan arrangement, there’s likely to be both pros and..

Moving in together is an important and exciting step in a relationship. Whether you are renting or buying a place together, it is a commitment that is financial as well as emotional. Unlike almost any other financial commitment, cohabiting is one that you are able to do without any formal agreement. ‘While the absence of formality has its attractions, it is important to note that the lack of legal clarity and protection can be problematic for a couple if a dispute should arise in the future,’ says Connor Williams in the family law team with Borneo Martell Turner Coulston. ‘When a cohabiting couple separates, they are often surprised to find that there is no clear legal framework to help unravel any disagreements.’ Connor Williams explains how it is important to consider how to put safeguards in place and outlines six reasons why you may benefit from a cohabitation agreement. 1...

‘Whether you have built up a portfolio of assets through business activities, savings and investments, or you have inherited a significant wealth, it is important to plan efficiently in order to minimise tax implications,’ says Susan Owens, Senior Partner at Borneo Martell Turner Coulston. To make sure your family are adequately provided for throughout your lifetime and after your death, you should also consider succession planning carefully. It is important to think about how your wealth will pass and any adverse tax effects this will have on your loved ones. When should you consider your estate to be high net worth? ‘High net worth’ or ‘HNW’ is a term which tends to differ from industry to industry and across different organisations. There is no legal definition. HMRC’s high net worth department considers estates that are worth £20 million or more. Meanwhile, professional advisors tend to consider estates that are worth..

Discover why family mediation might be your best option with Wilson Browne solicitors. Learn about the benefits of choosing mediation over court battles, understand the process, and find out how it can save you time, money, and emotional stress. For the time being, the Government has ruled out compulsory mediation in family cases. As a result those wanting to apply to the Courts to sort out finances within their divorce proceedings, or seeking to set out arrangements for their children in an Order, will still have to attend a Mediation Information and Assessment Meeting (MIAM). This is subject to certain exemptions, primarily around domestic abuse. Is this a good thing? The Court system is in a dire state with backlogs and delays resulting in a final trial hearing taking a substantial time to reach, with the accompanying significant costs and emotional distress. Alternatives are necessary – and in so many..

‘Your pets are an important part of your family, but providing for them in your will is not as straightforward as providing for other family members,’ says Shannon Carpenter, a solicitor in the wills and probate team with Borneo Martell Turner Coulston ‘Whilst a cat or dog might be relatively easy to care for, pets such as tortoises, llamas, or horses will likely require specialist care by someone who has sufficient time, knowledge and property to give your pet the care they need.’ Pets do not have a distinct legal personality and are technically belongings, but they sit in their own category between possessions and dependants and need to be considered carefully. This means that you need to leave instructions about them in your will, and any financial provision you want to make for them cannot be a gift to the pet. Leaving instructions about a pet in your will..

Explore the lesser-known Council Tax benefits for disabled individuals with Wilson Browne solicitors. Learn about Disability Band Reduction and Severe Mental Impairment Reduction eligibility and how to apply. Many people are unaware of the different types of benefits they are entitled to if they are disabled or live with someone who is. One that regularly goes unnoticed is Council Tax. Disability Band Reduction If you or someone you live with is disabled, you may be able to apply for a reduction in council tax. You must be able to show that a disabled person lives in the property and that the property has either: An extra bathroom or kitchen for the person who is disabled to use. A room which is predominantly used by the disabled person. For example, a room specifically adapted for the disabled person to use. Sufficient floor space so that the disabled person can use a..