| Personal Factsheets > |
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Wills and Inheritance Tax
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| Why Make a Will? 52% of the population haven’t done it! |
| Unless you make a Will, you cannot guarantee that your possessions will be distributed as you wish upon your death. 52% of the population still don’t have a Will and this means they will die without making provision for those whom they would most wish to benefit. As a result, many unnecessary complications arise, adding to the grief of the bereaved and the expense of administering and distributing the deceased person's estate. |
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| Inheritance Tax |
| Inheritance tax (IHT) is levied on a person’s estate when they die, and certain gifts made during an individual’s lifetime. Most gifts made more than seven years before death will escape tax. Therefore, if you plan in advance, gifts can be made tax-free: the result can be a substantial tax saving. |
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| Lasting Power of Attorney |
| From October 2007, individuals have been able to make a lasting power of attorney (LPA) which will enable them to choose a person to make decisions regarding their health and welfare, as well as their finances. This replaces the previous system of enduring powers of attorney (EPA). |
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 (Locked) What To Do When Someone Dies |
| When someone dies there are many decisions and arrangements to be made and sadly, these have to be made at a time of personal distress. Some of these things can be done by a close relative or friend; others need to be done by the executor or administrator of the estate. |
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