Anglian Will Writing

We are happy to be supporting NorfolkWillHelp

I spent two days at the excellent Society of Will Writers annual conference this week. It is so important to keep up to date with changes within the industry. Thank you SWW for providing a selection of such high quality speakers. . . . #societyofwillwriters #sww #cpd #conference #certainty #caf #solvelegal #swwtrustcorp #skipton #kcprobate #5sblaw #astriddataprotection #weareastrid #timfarmer #grandpaonaskateboard #tsfconsultants #professionaldeputies

We are pleased to support this wonderful initiative supporting local charities. . . #norfolkwillhelp #ageuk #leeway#nelsonsjourney #visionnorfolk #keepingabreast #norfolk #wills #probate #willwriting #hellesdon #lpa #lastingpowerofattorney

What a brilliant turn out!. It was a pleasure to support such a worthy local initiative. Thank you Stacy Bradley for organising the event.

Talk about a risky strategy. According to a recent survey conducted by Sanlam UK, 64% of 25-45 year olds expect to receive an inheritance from parents and grandparents. Of the people surveyed, 34% say they will rely on this inheritance to fund themselves in later life. Read our blog and find out more. #Will #Willwriting #inheritance #wealthmanagement #financialplanning #inheritancetax #finance

According to a recent survey conducted by Sanlam UK, 64% of 25-45 year olds expect to receive an inheritance from parents and grandparents. Of the people surveyed, 34% say they will rely on this inheritance to fund themselves in later life.
Almost a third of these individuals expect an inheritance with an average value of £233,000, with the lowest value expected to be £50,000. This has encouraged 31% of 25-45 year olds not to save and to ‘live in the now’ as they expect the i...nheritance windfall to fund them throughout their later years.
However, 38% haven’t haven’t spoken to the relative providing them with the inheritance. This is a worrying indication that some 24-45 year olds are unprepared for later life. The concerns raised by Sanlam UK state that some expectations may not come to fruition.
Jonathan Polin, CEO of Sanlam UK, commented: “Overreliance on inheritance could be risky, especially if it affects the younger generation’s level of engagement with savings and investments today. As a first step, families need to have full and frank conversations about inheritance – this will help ensure younger generations have realistic expectations of what they are to receive and can prepare accordingly.”
So why are so many 25-45 year olds prepared to take a risk and assume they can use their inheritance to fund themselves in later life? Experts claim the reasoning behind the reliance on inheritance could be a remedy for low disposable income, debt, sluggish wage growth and ever-increasing house prices.
The older generations are fast-becoming aware of this strategy - 61% of over 55s believe younger people aren’t getting sufficient financial advice. Around 40% were concerned about how their heirs would spend their inheritance. Only 9% of inheritance donors have urged their children to see a financial adviser.
Jonathan Polin said: “Our report highlights the scale of intergenerational wealth transfer that the UK is set to see over the next few decades. This level of inheritance is unprecedented, and its transfer presents both opportunities and challenges for the financial services industry and society more generally. That it comes at a time of societal, political and economic upheaval simply adds another element of complexity and uncertainty to an already extraordinary picture.”
If you'd like to discuss your Will or any family concerns about inheritance, please get in touch on 01603 865220 or email phil.taylor@anglianwillwriting.co.uk .
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Did you know that a large number of people are relying on inheritance to secure their financial security? This could cause a calamity for many when they reach retirement. Do you and your family fall into this category? Check out our blog and get a clearer idea of your options.
#will #willwriting #inheritance #financialplanner #willwriter #inheritancetax #wealthmanagement

Civil partnerships were reserved for same-sex couples only. However, in recent years opposite-sex couples have been campaigning for civil partnerships for heterosexual couples. The Supreme Court of England and Wales ruled in favour of civil partnerships for all, as the Civil Partnership Act 2004 was seen as an infringement of the European Convention of Human Rights. The legislation will be changed, though this is thought to take some time.
So how does a civil partnership affe...ct estate planning? Firstly, it’s important to determine what ‘estate planning’ actually is. Your estate covers everything you own including property, finances, material possessions and even your social media accounts. An estate plan is how you wish to distribute your assets and possessions among your loved ones.
Here are six ways a civil partnership changes estate planning for all couples:
1. If you die without making a will your partner will still inherit your assets
If you’re in a civil partnership and you die intestate (without making a will) then your partner will automatically inherit a portion, or all, of your property. For example. if you and your partner own and live in a house together, they will stand to automatically inherit it after you die - unless there are special circumstances.
2. If you die having made a valid will your wishes will be carried out
If you or your partner dies after making a valid will, then all wishes will be carried out as they would be for a will from a marriage. For example, if you want to pass down your home to your partner and your holiday home to your children then the wishes will be carried out as specified.
3. Civil partners are exempt from Inheritance Tax
Neither you or your partner will pay Inheritance Tax if the value of your entire estate is below £325,000. You will also be exempt from Inheritance Tax if you leave all your estate to your civil partner, community sports club or a charity.
4. The Inheritance Tax increases to £450,000 if children are the heirs
If you want to leave your property to your birth children the Inheritance Tax exemption threshold increases to £450,000. This also extends to foster, adopted and stepchildren.
5. You can add surplus Inheritance Tax threshold to your partner’s threshold.
If your estate is under the threshold, the ‘unused’ threshold can be added to your partner’s threshold when they pass away. This pushes the maximum Inheritance Tax threshold to £900,000.
6. You can pay a reduced Inheritance Tax rate in some circumstances
The standard rate for Inheritance Tax is 40% but you can reduce it to 36% if at least 10% of your net assets are left to charity in the will. If you and your partner owned farmland or woodland you may be eligible for Agricultural Relief on your Inheritance Tax bill.
If you'd like to discuss your Will and take advice on civil partnerships and inheritance please get in touch on 01603 865220 or email phil.taylor@anglianwillwriting.co.uk .
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There are six ways that being in a civil partnership affects your estate planning. Number 1: If you die without making a will your partner will still inherit your assets Read more on our blog (link in the comments) and if you need any advice, get in touch. #Will #Willwriting

Do you want to know how being in a civil partnership affects estate planning? Our latest blog gives you the information you need to know, so you can make sure that your loved ones are properly provided for. If you need our help, get in touch #Willwriting #Will #civilpartnership

Are you in a civil partnership and wondering what that means from your estate planning? Our latest blog covers the fundamentals, so you can clear on the legal rights for you and your partner. Any questions, give us a call.
#Will #Willwriting #civilpartnership #estateplanning #Norfolkwillwriters #Suffolk #Cambridgeshire #Essex #Norfolk #Norwichbusiness #Norfolkprofessionals
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Don't get stung by inheritance tax because you don't know have all the right information. Research shows most over 50s don't understand it. Read our blog and we'll get you started on the right track.
#inheritancetax #Willwriting #Will #Norfolk #Suffolk

According to research, the majority of over-50s don’t understand essential Inheritance Tax terminology. Furthermore, this lack of financial education could result in them passing on less than they expect. Read more... #Willwriting #will #inheritancetax

Do you know exactly what the rules are in regards to inheritance tax? Don't get stung because you aren't clear. Our blog has some important information that can help you ensure you know what you are entitled to #Willwriting #will #estateplanning