The reasons for choosing to go ahead with Equity Release (also commonly known as a Lifetime Mortgage) are varied. Many of our clients wish to release equity to carry out home improvements, fund foreign travel, or to re-mortgage. Initial Steps Once financial advice has been taken and the decision has been made to go ahead … Continued
This week marks the first inaugural National Conveyancing Week, so we at Clark Willis thought we would bring you some helpful information about the current housing market and the way we can help prospective buyers and sellers. It is no secret that house prices boomed during the pandemic, due to the imbalance between supply and … Continued
What is Probate? Where a person leaves a Will, the issuing of the Grant of Probate is the legal appointment by the Court of the person (or people) nominated as executors in the Will and therefore entitled to administer the estate of the deceased person. This is so financial institutions, the Land Registry and other … Continued
What is the Residence Nil Rate Band? The nil rate band (£325,000 in the tax year 2022/2023) is the amount which is chargeable to IHT at the rate of 0%. From 6 April 2017, an additional residence nil rate band (RNRB) applied so that less IHT may be paid when the family home is left … Continued
A frequent question raised by couples when making a Will is often regarding protecting the family home. This may be in relation to residential care fee planning or ensuring children are not disinherited by subsequent relationships or on second or third marriages. Traditionally, the family home would be left to a surviving spouse but increasingly, … Continued
If you are a trustee of a trust, even if it was set up many years ago, or an executor of an estate that is holding a property share or investments as a trustee, it is necessary for you to consider your reporting obligations ahead of the deadline for registration on the Trust Registration Service … Continued
On the 29th December 2013, whilst skiing in the French Alps, Michael Schumacher fell, hit his head on a rock and sustained serious head injuries causing him to be placed into a medically induced coma. Despite the risk of driving at over 200mph in an F1 car as a career, it was a relaxed sporting … Continued
Prenuptial Agreements – Protecting your assets There is a common misconception that prenuptial agreements are only for the famous or who have a vast amount wealth. In fact, this is not the case. A prenuptial agreement can be made by anyone with an asset they wish to protect. Whilst not romantic, it can remove much … Continued
After the family home, pensions can be the most valuable asset and often form a significant part of divorce negotiations. It is there important that anyone going through a divorce fully explores the options of dealing with pensions. What are the options? There are three main options available to deal with pensions: – Pension Sharing … Continued
How to pass on wealth is an important consideration for Will writing or estate planning where beneficiaries may be classed as vulnerable due to a disability, where certain benefits are awarded, or mental health condition meaning they are unable to manage their own affairs. Mental health conditions for this purpose are accepted to include: Alzheimer’s … Continued
