Do your debts die with you?

Do your debts die with you?

Dear Ade, Do your debts die with you, or do your debts have to be paid after your death? Thanks, Roger Dear Roger,  Thank you for your missive.Your question marks you as someone who is not a regular reader of this publication.   Your query puts me in...
What’s the Statutory Legacy?

What’s the Statutory Legacy?

I’ve read in the papers that the statutory legacy is being increased to £322,000. What is the statutory legacy and how would the increase affect me? To start at the end, the statutory legacy, increase or no, would only affect the unfortunate, a class from which you’ve...
Will the government abolish Inheritance Tax?

Will the government abolish Inheritance Tax?

A question from a reader about the abolition of inheritance tax Dear Ade, Have you seen the campaign in the Telegraph on abolition of the hated inheritance tax. Do you think the government would abolish inheritance tax – might an electoral surprise be in the works?...
PET and Debt

PET and Debt

If I were to gift, say, £50,000 to one of my daughters who, finding she has no immediate use for the money, wishes to lend it back to me, repayable on demand, and at a reasonable rate of interest, would that £50,000…

Free Wills …the Final Insult?

Free Wills …the Final Insult?

A question from a reader about why I don’t offer free wills Dear Ade, What have you got against free wills? You tend to write about them in very strong and caustic language – after all, free wills raise funds for charity. Marti My answer – is free...

Adoption Blended Families and Inheritance

Hello, I was adopted. I’ve just heard of the death of my biological mother. Can I make a claim on her estate? My ex-husband suggests I might under something he calls the 1975 Act. I’ve seen your other writing on blended families. How do adoption blended families and...
Non-Settlor Interested Trusts

Non-Settlor Interested Trusts

Hello, My sister has asked me to contact you. My wife and I are thinking of downsizing. We’re moving from an eight hundred thousand pound five-bedroom house to a £350,000 ground floor flat which we currently rent to tenants. We’ve served notice of termination of...

What’s a Person’s Estate?

Hello,I’ve a simple question, what’s a person’s estate? Many thanks All They Own A person’s estate is simply everything they own. For inheritance tax purposes, one’s estate includes: The value of assets in person’s outright ownership. The value of the persons half...