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When Wills, Lasting Power of Attorneys and Probate really come into their own!
JT AccountS Newsletter Issue Three: Published December 2019
JT AccountS Newsletter Issue Two: Published October 2019
JT AccountS Newsletter Issue One: Published June 2019
What is a Lasting Power of Attorney? A Lasting Power of Attorney (LPA) is a legal document that allows someone to make decisions for you, or act on your behalf, if you’re no longer able to or if you no longer want to make your own decisions.
Following a death, it can be a confusing time and difficult to know what you need to do first.
Making a Will is vital if you want to be certain that your wishes
are met.
The current inheritance tax (IHT) allowance whereby no inheritance tax is charged is on the first £325,000 (per person) of someone’s estate – which is the value of the total assets they leave behind when they die (or 36% if leaving at least 10% to a charity). Couples can leave a home worth £650,000 without it attracting inheritance tax (singles £325,000). Above the threshold, the charge is 40%. This remains unchanged.
Whether an accountant already has a strong knowledge of the deceased’s financial affairs or if you have not worked with that accountant before, the combination of accounting, tax, law and administration skills required means they are often well placed to carry out this kind of work.
When you instruct JT AccountS to work on your Wills, Trust and Estate Administration, it means you can be confident that we possess the specialist knowledge and skills required to carry out your wishes. You can be assured that you will be in expert hands and we are taking all the necessary actions to plan for the future of your assets.