icon-feather-calendar 26th November 2025

Autumn Budget 2025: What It Means for You, Your Business and Your Future

Budget Summary from Vyman Solicitors

The Chancellor, Rachel Reeves, has delivered her Autumn Budget 2025 – and it’s one that sets the tone for a new fiscal era.

Against a backdrop of rising inflation, downgraded long-term growth forecasts, and one of the largest medium-term tax increases in 15 years, this Budget represents a shift towards long-term tax discipline and increased public spending in priority areas like education, apprenticeships, and AI.

At Vyman Solicitors, we’ve reviewed the key announcements and what they mean for our clients – from individuals and families to business owners, property investors and professionals in regulated sectors.

Headline Measures

  • Income tax thresholds frozen for another 3 years – pulling more people into higher bands
  • Salary sacrifice capped at £2,000 for pension contributions by 2029
  • Mansion tax introduced -£2,500 per year for homes valued over £2 million
  • ISA allowance cut to £12,000 for savers under 65
  • Dividend, savings and property income tax rates increased by 2%
  • Electric cars to face road usage charges from 2028
  • Corporation tax reliefs tightened, especially writing-down allowances
  • Continued fuel duty freeze
  • Training support for under-25s, investment in AI, schools, and the NHS

While the short-term GDP forecast has been upgraded (1.5% growth in 2025), growth expectations from 2026 onwards have been revised down. Inflation is set to remain above the 2% Bank of England target into 2026.

What This Means in Real Terms

For individuals:

More people will move into higher tax brackets due to frozen thresholds. Those with savings, rental income or dividend portfolios may see higher liabilities. ISA limits are tighter, and properties worth over £2m will now incur annual charges.

For property owners & investors:

The mansion tax and increased property income rates make tax planning essential – particularly for those looking to acquire, dispose, refinance or gift property in the near future.

For business owners & employers:

Corporation tax adjustments and salary sacrifice limits mean more strategic scrutiny is required across director remuneration, pensions, and structuring. Cash flow may be impacted depending on the business’s asset-heavy operations.

For high-net-worth families:

Although no immediate changes to inheritance tax were announced, the Budget hints at a future tightening of reliefs. Now is the time to review gifting, succession, and trust structures before April 2026 reforms come into effect.

For regulated and growth sectors:

Healthcare, education, tech, and automotive sectors will feel the trickle-down of AI investment, skills support, and evolving compliance requirements – especially in contracts, employment, and data regulation.

Our Advice

Whether you’re reviewing your property portfolio, planning an acquisition, navigating a business sale, or preparing your estate – early planning is now more important than ever.

This Budget delivers complexity. But with the right legal guidance, you can turn that complexity into clarity and control.

How Vyman Solicitors Can Help

Our cross-department team advises clients on:

  • Business & asset acquisitions/disposals
  • High-value residential & commercial property
  • Tax-efficient structuring and succession planning
  • Contracts, employment and compliance
  • Disputes, litigation and regulatory matters
  • Immigration, pensions and family wealth
  • Estate and inheritance planning

Speak to our team

For a confidential conversation about how this Budget may impact your plans.

Sources:

Thisismoney.co.uk – What the Budget 2025 means for you: How Rachel Reeves’ tax hikes will hit

Bbc.co.uk – Reeves says ‘ordinary people’ will have to pay ‘a little bit more’ as she defends Budget tax rises

The Telegraph – Budget 2025: Key points at a glance

About Vyman Solicitors

Located in North West London, Vyman Solicitors provides a comprehensive range of legal services, including Corporate & Commercial Property Law, Litigation, Residential and Conveyancing Law, Family LawPrivate Client and Immigration. Known for its commitment to personalised client support and legal excellence, Vyman is a trusted partner for businesses and individuals alike.

Follow Vyman Solicitors on LinkedInInstagram and Facebook.

Disclaimer

This article is for general information purposes only and does not constitute legal, financial, or tax advice. While every effort has been made to ensure accuracy, Vyman Solicitors accepts no responsibility for any loss arising from reliance on the information provided. Specific advice should always be sought from a qualified professional based on your individual circumstances. Budget measures are subject to change, and further legislation or guidance may apply.

icon-feather-calendar 11th June 2025

Private School Fees: A Smart Strategy to Reduce Inheritance Tax?

For many high-net-worth families, private education is not just an investment in a child’s future, it’s also a potential opportunity to reduce inheritance tax (IHT).

While school fees are often viewed as personal expenditure, with the right legal and financial advice, they can form part of a broader estate planning strategy—potentially reducing your taxable estate and easing the future burden on your heirs.

Understanding the IHT Landscape

Inheritance Tax is currently charged at 40% on estates above the nil-rate band of £325,000 (or up to £1 million for married couples with the residence nil rate band).

Families who have worked hard to build wealth—whether through property, business, or investments—often find IHT to be one of the most significant risks to preserving that legacy.

With thresholds now frozen until 2030, more estates will inevitably be drawn into the IHT net as asset values rise. That makes proactive planning not only smart but increasingly essential.

That’s where private school fees come into the picture.

Can School Fees Really Help Reduce IHT?

Yes, but only if structured correctly.

If you’re a grandparent or parent paying for your child’s or grandchild’s education, lifetime gifting rules apply. This means:

  • You can gift up to £3,000 per year tax-free under the annual exemption.
  • You can also make regular gifts from surplus income—and this is where school fees become particularly useful.

Gifts made from excess income (not capital) and on a regular basis are immediately exempt from IHT, provided they do not affect your standard of living. This can include:

  • Termly school fees
  • Contributions to boarding costs
  • Private tuition or extracurricular education

The key is proving that these payments are part of a consistent pattern, funded from income rather than capital.

Why Families Are Considering This Now

Rising school fees, paired with frozen IHT thresholds, mean more families are exploring this route as a way to reduce estate values while providing meaningful support to the next generation.

It’s a chance to see the benefit of your wealth in your lifetime, rather than waiting until your estate is distributed.

“For many clients, the real value is not just in reducing tax, but in being able to contribute meaningfully to their grandchildren’s future,” says Anu Khanduja, Senior Solicitor, Private Client Team at Vyman Solicitors.

“With careful planning and clear documentation, school fees can be a powerful and legitimate tool in your inheritance tax strategy.”

What Should You Do Next?

Before you begin paying school fees with IHT planning in mind, it’s crucial to:

  • Keep clear records of income and payments
  • Document your intention to make these gifts regularly
  • Ensure the payments are affordable from surplus income

You should also review your Will, estate structure, and trust arrangements to ensure everything aligns with your overall objectives.

Let’s Talk About Your Legacy

Whether you’re looking to reduce your inheritance tax liability or support future generations with private education, our Private Client team can help you structure your affairs with care and precision.

We work closely with your accountants and financial advisors to ensure your school fee planning sits within a wider, tax-efficient estate plan.

Ready to explore how your family’s education goals can form part of a smart inheritance tax strategy?

Contact Anu Khanduja and our Private Client team today.

Call us on 020 8427 9080

Email: anu.khanduja@vyman.co.uk

Learn more about our services

Disclaimer: This article is for informational purposes only and does not constitute legal or financial advice. Professional advice should be sought for your specific circumstances.

About Vyman Solicitors

Located in North West London, Vyman Solicitors provides a comprehensive range of legal services, including Corporate & Commercial Property Law, Litigation, Residential and Conveyancing Law, Family LawPrivate Client and Immigration. Known for its commitment to personalised client support and legal excellence, Vyman is a trusted partner for businesses and individuals alike.

Follow Vyman Solicitors on LinkedInInstagram and Facebook.

Disclaimer: This article is for informational purposes only and does not constitute legal advice.

icon-feather-calendar 11th June 2025

The Evolution of Estate Planning in the Digital Age

There was a time when a Will simply meant leaving your house to your children and your jewellery to your nieces. You walked into a solicitor’s office, spoke about your family, your assets, your wishes—and that was it. Ink on paper, locked in a drawer.

But times have changed. In today’s world, what you own isn’t just physical. It’s virtual, encrypted, shared, stored in the cloud—and sometimes, worth far more than you’d expect. That’s why estate planning in the digital age is important.

Your photo albums live on Google Drive. Business transactions now take place on Stripe. Life updates, friendships, memories—even grief—are captured in social media timelines. And if you’re one of the growing number of people investing in cryptocurrency or holding NFTs, you know your wealth might not be kept in a safe—but on a blockchain.

Welcome to estate planning in the digital age.

Anu Khanduja, Senior Solicitor in our Private Client department, puts it plainly:

“People spend years building digital footprints – financial, professional, and personal. But very few think about who has access to those assets when they’re gone. Without a plan, it all disappears into the void.”

The consequences of this can be painful. Families unable to retrieve cherished photos. Executors locked out of online banking. Valuable digital currencies lost forever. This isn’t the future -it’s already happening.

So what does modern estate planning look like?

At Vyman Solicitors, we work with clients to ensure that everything – from tangible assets to your online presence—is protected and passed on with intention. That includes:

  • Securely documenting passwords and digital access information
  • Including digital assets in Wills and Letters of Wishes
  • Planning for cryptocurrency and digital investments
  • Providing clear instructions for social media accounts, cloud storage, and online subscriptions

Why it matters: Because your digital legacy is your legacy. Ignoring it could mean losing more than money, it could mean losing your voice, your memories, your story.

Protect your legacy – both online and off.

Book a consultation with Anu Khanduja today and make sure your estate plan reflects the way you live now.

About Vyman Solicitors

Located in North West London, Vyman Solicitors provides a comprehensive range of legal services, including Corporate & Commercial Property Law, Litigation, Residential and Conveyancing Law, Family LawPrivate Client and Immigration. Known for its commitment to personalised client support and legal excellence, Vyman is a trusted partner for businesses and individuals alike.

Follow Vyman Solicitors on LinkedInInstagram and Facebook.

Disclaimer: This article is for informational purposes only and does not constitute legal advice.

icon-feather-calendar 27th May 2025

Modernising Wills Law – What the New Law Commission Report Means for You

In a major step towards bringing 19th-century law into the modern world, the Law Commission has published its long-awaited Modernising Wills Law report (May 2025). With a new draft Wills Act proposed to replace the existing Wills Act 1837, the reforms are designed to reflect today’s digital lives, changing family dynamics, and longer life expectancy.

At Vyman Solicitors, we’ve summarised the key recommendations and what they mean for individuals and families planning their estates.

Key Highlights of the Wills Reform 2025

  • Courts Can Recognise Informal Wills

The courts will have discretion to accept documents that don’t meet current formal requirements—if there’s clear evidence they reflect the person’s settled intentions. This offers flexibility without compromising on fraud prevention.

  • Age Limit Lowered to 16

The minimum age to create a valid will will be reduced from 18 to 16, acknowledging the autonomy of younger individuals—particularly in serious health circumstances.

  • Marriage Will No Longer Revoke a Will

The outdated rule that marriage cancels an existing will is being scrapped to protect vulnerable individuals from financial abuse through so-called “predatory marriages.”

  • Easier to Challenge Undue Influence

Challenging coercion around will-making will be simpler, with courts allowed to infer undue influence if there’s reasonable suspicion—offering better safeguards for elderly or isolated testators.

  • Clearer Rules on Mental Capacity

A single, modern test under the Mental Capacity Act 2005 will be applied across all will-related decisions, replacing the confusing mix of legal standards currently in use.

  • Legal Recognition of Electronic Wills

The reforms pave the way for securely executed digital wills. Strict conditions will ensure these are safe, valid, and fraud-proof.

Why This Matters

The current system, has led to wills being invalidated due to technicalities, or being manipulated through outdated rules. The new recommendations modernise and simplify the law, while protecting vulnerable individuals and respecting personal freedom.

Need Advice on Future-Proofing Your Will?

Whether you’re planning your first will, or want to make sure your existing one is valid under future laws, we’re here to help.

📞 020 8427 9080
📧 info@vyman.co.uk

Plan with clarity. Protect your legacy.

About Vyman Solicitors

Located in North West London, Vyman Solicitors provides a comprehensive range of legal services, including Corporate & Commercial Property Law, Litigation, Residential and Conveyancing Law, Family LawPrivate Client and Immigration. Known for its commitment to personalised client support and legal excellence, Vyman is a trusted partner for businesses and individuals alike.

Follow Vyman Solicitors on LinkedInInstagram and Facebook.

Disclaimer: This article is for informational purposes only and does not constitute legal advice.

icon-feather-calendar 3rd March 2025

Inheritance Tax Planning: Don’t Miss the Year-End Opportunity to Protect Your Wealth

As the year-end tax review approaches, now is the time to ensure your inheritance tax (IHT) planning is up to date. Without proper preparation, IHT—charged at 40% on estates above £325,000—can significantly reduce what your loved ones inherit.

Key Year-End Considerations for Inheritance Tax Planning

  • Use Your Gifting Allowances: Take advantage of the £3,000 annual gifting allowance before the tax year ends. Gifts made more than seven years before your death are IHT-free.
  • Maximise Nil Rate Bands: The nil rate band (NRB) is £325,000 for 2024/25, with an additional £175,000 residence nil rate band for property passed to direct descendants. Couples can transfer unused NRB, doubling their exemption.
  • Secure Wealth Through Trusts: Setting up trusts before the tax year closes can reduce your taxable estate while maintaining control over your assets.
  • Consider Life Insurance: A life insurance policy can help cover IHT liabilities, preventing your heirs from having to sell assets to pay taxes.

Why Planning Before Year-End Matters

Acting before the end of the tax year allows you to utilise annual exemptions, reducing your estate’s value and ensuring your loved ones inherit more. With inheritance tax thresholds frozen until 2028, early planning is essential to mitigate rising tax liabilities.

How Vyman Solicitors Can Help

Our Private Client team is here to help you maximise IHT reliefs before the tax year ends. From setting up tax-efficient Wills to advising on trusts and lifetime gifting, we’ll ensure your estate is structured to benefit your loved ones.

Book a consultation today to review your inheritance tax plan before the year-end deadline or please call our Private Client team, who will be happy to assist you 020 8427 9080.

Don’t wait—secure your family’s future now.

About Vyman Solicitors

Located in North West London, Vyman Solicitors provides a comprehensive range of legal services, including Corporate & Commercial Property Law, Litigation, Residential and Conveyancing Law, Family LawPrivate Client and Immigration. Known for its commitment to personalised client support and legal excellence, Vyman is a trusted partner for businesses and individuals alike.

Follow Vyman Solicitors on LinkedInInstagram and Facebook.

icon-feather-calendar 13th February 2025

Securing Your Legacy: Insights from the Barclays Wealth & Estate Planning Event

Estate planning is often something people put off, but the reality is, if you don’t have a plan—the government has one for you. This was one of the key messages discussed at the recent Barclays Wealth & Estate Planning Event in Harrow, where our very own Anu Khanduja, from our Private Client team at Vyman Solicitors, joined a panel of industry professionals to provide valuable insights into protecting wealth, securing assets, and ensuring families are taken care of.

The Reality of Estate Planning in the UK

Despite the financial and emotional importance of estate planning, many individuals in the UK are still unprepared. Here are some key statistics that highlight the urgency of having a well-structured plan in place:

  • Only 35% of UK adults have a will, leaving the remaining 65% at risk of having their assets distributed according to intestacy laws rather than their wishes.
  • Homeownership rates have dropped to 63%, meaning more people are navigating wealth and inheritance without traditional property assets—making strategic financial planning even more crucial.
  • With tax burdens rising and interest rates fluctuating, families need clear strategies to protect and maximise their wealth for future generations.
  • Lasting Powers of Attorney (LPAs) are often overlooked, with fewer than 5% of UK adults having one in place, despite the fact that LPAs are essential in cases of sudden illness or incapacity.

These figures underline why events like this are so essential—they help individuals and families understand their legal options and take proactive steps to protect their future.

What We Covered at the Event

During the discussion, Anu Khanduja, alongside experts from Barclays Private Bank & Wealth Management, explored key areas such as:

  • Why having a will is essential—and the risks of dying without one.
  • Inheritance Tax planning strategies—how to reduce tax burdens for your loved ones.
  • The importance of LPAs—ensuring trusted individuals can make decisions on your behalf.
  • How to structure wealth for future generations—including trusts and financial planning.

The session was followed by a Q&A and networking session, where attendees had the opportunity to ask personal questions and gain deeper insights tailored to their circumstances.

Frequently Asked Questions (FAQs)

  1. What happens if I don’t have a will?
    If you die without a will, your estate will be distributed according to intestacy laws, which may not align with your wishes. This can lead to delays, disputes, and even unintended beneficiaries inheriting your assets.
  2. Do I need a will if I don’t own a house?
    Yes! A will is not just about property—it covers savings, investments, personal belongings, and even guardianship of children.
  3. How does an LPA help me?
    A Lasting Power of Attorney (LPA) allows someone you trust to make financial or medical decisions on your behalf if you become unable to do so. Without an LPA, your loved ones may face long, expensive court applications to manage your affairs.
  4. When should I start estate planning?
    It’s never too early to plan. Life events such as marriage, children, property purchases, and business growth should prompt a review of your will and financial arrangements.
  5. How do I reduce Inheritance Tax for my family?
    There are various ways to reduce IHT, including trusts, lifetime gifting, and tax-efficient investments. Speaking with a solicitor and financial planner can help create the right strategy for you.
  6. What are the common mistakes in DIY Wills and how can a solicitor help me? Learn more here.

Take the Next Step

If you missed the event but would like expert advice on Wills, LPAs, or estate planning, now is the time to act. Book a consultation with Anu Khanduja to discuss your personal situation and ensure your assets are protected for the future.

Get in touch today to schedule your consultation 020 8427 9080. 

About Vyman Solicitors

Located in North West London, Vyman Solicitors provides a comprehensive range of legal services, including Corporate & Commercial Property Law, Litigation, Residential and Conveyancing Law, Family LawPrivate Client and Immigration. Known for its commitment to personalised client support and legal excellence, Vyman is a trusted partner for businesses and individuals alike.

Follow Vyman Solicitors on LinkedInInstagram and Facebook.

icon-feather-calendar 20th December 2024

Planning for the Future After a Dementia Diagnosis

Planning for dementia with LPA or Deputyship is an important step after a diagnosis. While this can be an emotional and overwhelming time for you and your loved ones, taking proactive steps now will give you peace of mind and ensure your wishes are respected.

One important aspect to consider is how decisions about your finances, property and care will be managed if you are no longer able to make them yourself. Two key options to explore are Lasting Power of Attorney (LPA) and Deputyship.

To help you make an informed decision, here’s an explanation of these options and how they differ:

What is a Lasting Power of Attorney (LPA)?

An LPA is a legal document that allows you to choose someone you trust (called an Attorney) to make decisions on your behalf if you lose the ability to do so in the future. It empowers you to plan ahead and ensure your preferences are followed.

There are two types of LPAs:

  1. Property and Financial Affairs LPA: Manages your finances, such as paying bills, accessing accounts, and selling property.
  2. Health and Welfare LPA: Covers decisions about your medical care, treatment, and living arrangements.

An LPA must be set up while you still have the capacity to make decisions, so acting sooner rather than later is important.

What is a Deputyship?

A Deputyship is a court-appointed role where someone is given the authority to make decisions on your behalf after you have lost mental capacity. If no LPA has been set up in advance, your family or loved ones will need to apply to the Court of Protection for a Deputyship.

Unlike an LPA, you won’t have control over who is appointed as your Deputy. The court will decide, and in some cases, a professional or Local Authority may take on this role.

Why an LPA is Often a Better Option

  1. Speed
  • LPA: The registration process takes 12–15 weeks, allowing decisions to be made relatively quickly.
  • Deputyship: The process takes at least 12–15 months, delaying important decisions during this time.
  1. Choice of Representative
  • LPA: You can personally choose someone you trust to act on your behalf.
  • Deputyship: The court decides who will act, which could be someone you wouldn’t have chosen yourself.
  1. Scope of Decision-Making
  • LPA: Attorneys can manage both Property & Finances and Health & Welfare, giving you more control.
  • Deputyship: Deputies usually only manage Property & Finances, with Health & Welfare Deputyships being rare.
  1. Supervision
  • LPA: Attorneys operate with trust and minimal oversight, though concerns can be investigated.
  • Deputyship: Deputies are subject to strict supervision, including submitting annual reports to the Office of the Public Guardian, which can be stressful for them.

 

Taking Control of Your Future

By setting up an LPA now, you can decide who will manage your affairs and ensure your wishes are respected. This can relieve the burden on your loved ones and prevent delays or uncertainty down the line.

How We Can Help

At Vyman Solicitors, we understand how emotional and complex this process can feel. Our compassionate and experienced team is here to guide you every step of the way.

We can assist with:

  • Explaining the differences between LPA and Deputyship and helping you decide what’s best for your situation.
  • Drafting and registering your LPA to ensure it is legally valid and reflects your wishes.
  • Supporting families navigating Deputyship applications if required.

Planning for dementia with LPA or Deputyship allows you to decide how your finances and care will be managed.

Contact us on info@vyman.co.uk or call 020 3926 6987 to discuss your options.

You don’t have to face this journey alone. Let us help you plan for the future with confidence and care.

About Vyman Solicitors

Located in North West London, Vyman Solicitors provides a comprehensive range of legal services, including Corporate & Commercial Property Law, Litigation, Residential and Conveyancing Law, Family LawPrivate Client and Immigration. Known for its commitment to personalised client support and legal excellence, Vyman is a trusted partner for businesses and individuals alike.

Follow Vyman Solicitors on LinkedInInstagram and Facebook.

icon-feather-calendar 17th September 2024

10 Common Mistakes in DIY Wills and How a Solicitor Can Prevent Them

Creating a will is a vital step in ensuring that your assets are distributed according to your wishes. While many people opt for DIY wills to save on costs, this approach can lead to significant mistakes that may complicate or invalidate your will. Here, we highlight ten common mistakes found in DIY wills and explain how a solicitor, like our expert teams at Vyman Solicitors, can help you avoid them.

  1. Incomplete or Incorrect Information

A common error in DIY wills is leaving out important information or providing inaccurate details. This can include incorrect beneficiary details, or incomplete instructions on asset distribution. A solicitor ensures that all necessary information is included and accurately reflects your wishes, preventing any confusion or disputes.

  1. Failing to Update the Will

Life changes such as marriage, divorce, or the birth of children can affect your will. DIY wills often don’t get updated to reflect these changes, leading to outdated or irrelevant instructions. Solicitors keep your will current by reviewing and updating it as your circumstances change.

  1. Not Meeting Legal Requirements

Each jurisdiction has specific legal requirements for wills, such as witness signatures or proper execution. DIY wills frequently fail to meet these requirements, which can result in the will being deemed invalid. Solicitors are well-versed in these legal requirements and ensure your will is properly executed and legally binding.

  1. Ambiguous Language

Unclear or ambiguous language in a DIY will can lead to misinterpretation and disputes among beneficiaries. For example, terms like “my personal belongings” can be vague and open to interpretation. Solicitors use precise language to clearly define your intentions and avoid potential conflicts.

  1. Not Addressing All Assets

DIY wills may overlook certain assets, such as digital accounts or joint property. This can lead to confusion over how these assets are distributed. Solicitors help ensure that all assets are accounted for and properly addressed in your will.

  1. Failing to Name a Guardian

If you have minor children, it’s crucial to name a guardian in your will. DIY wills often neglect this important detail, leaving the decision up to the court. A solicitor will make sure a guardian is appointed to care for your children according to your wishes.

  1. Incorrectly Appointing Executors

Choosing an executor who is not suited for the role or failing to name an executor at all can create problems. Executors are responsible for administering your estate, so it’s important to select someone reliable and capable. Solicitors can assist in choosing an appropriate executor and provide guidance on their responsibilities.

  1. Overlooking Tax Implications

DIY wills may not take into account the tax implications of your estate. Estate taxes and inheritance taxes can affect how much your beneficiaries receive. A solicitor can offer advice on minimising tax liabilities and ensuring your estate is managed in the most tax-efficient manner.

  1. Ignoring Potential Disputes

A poorly drafted DIY will can lead to disputes among family members or beneficiaries, causing delays and additional stress. Solicitors can anticipate and address potential issues in your will, helping to reduce the likelihood of disputes and ensuring a smoother process for your loved ones.

  1. Not Considering Special Needs

If you have beneficiaries with special needs or specific requirements, a DIY will might not address their unique circumstances adequately. Solicitors can help tailor your will to accommodate these needs and ensure that appropriate provisions are made.

While DIY wills may seem like a cost-effective solution, they can often lead to costly mistakes and complications. Working with friendly team of solicitors at Vyman Solicitors, you can avoid these common pitfalls and ensure that your will is both legally sound and reflective of your true wishes.

Contact us today to book in a free 15-minute consultation to discuss our Will writing service, that provides peace of mind and protects your loved ones.

The content of this article has been prepared for informational purposes only. This content does not constitute legal advice, nor does it give rise to a solicitor/client relationship. Specialist legal advice should be taken in relation to specific circumstances.

 

icon-feather-calendar 17th September 2024

How to Ensure Your Loved Ones Are Financially Secure After You’re Gone

Planning for the future is essential to safeguarding your family’s financial security. Estate planning, when properly managed, ensures that your assets are distributed according to your wishes, minimising financial burdens on your loved ones. Here are the key steps to ensure your family is financially secure after you’re gone:

1. Create a Legally Binding Will

A will is the cornerstone of any estate plan. Without one, the distribution of your assets will follow intestacy laws, which may not align with your wishes. Drafting a will with the help of an experienced solicitor ensures that your estate is handled efficiently and according to your instructions. You can book a complimentary 15 minute consultation to discuss your will, with an expert from our team at Vyman Solicitors, please call +44 (0)20 8427 9080 to book.

2. Establish Trusts for Asset Protection

Trusts can be a powerful tool in protecting your assets and ensuring they are passed on in a tax-efficient manner. Trusts are especially useful for managing wealth across generations, providing control over how and when beneficiaries access their inheritance.

3. Consider Inheritance Tax Planning

Inheritance tax (IHT) can significantly reduce the wealth passed on to your family. By working with legal professionals, you can implement strategies such as gifting assets during your lifetime, setting up trusts, or charitable giving to reduce or eliminate IHT liabilities.

4. Review and Update Your Estate Plan Regularly

Life circumstances change—marriages, births, divorces, and the growth of your wealth all affect your estate plan. Regular reviews ensure that your will and trusts remain up-to-date and in line with your current wishes and legal regulations.

At Vyman Solicitors, we specialise in creating comprehensive estate plans that protect your family’s future.

Contact us today to start safeguarding what matters most or learn more about our Wills, Trusts and Probate services.

The content of this article has been prepared for informational purposes only. This content does not constitute legal advice, nor does it give rise to a solicitor/client relationship. Specialist legal advice should be taken in relation to specific circumstances.

icon-feather-calendar 5th January 2024

I’ve been appointed as an executor. What should I do?

What is an Executor?

An executor (or executrix, the feminised version) of an estate is an individual appointed to administer the estate of a deceased person. The executor’s main duty is to collect and distribute the deceased’s estate in accordance with the instructions and wishes of the deceased. The executor is appointed usually by the testator of the will (the individual who makes the will). If there is no named executor, a next of kin may be appointed as an administrator.

How do Executors work?

The executor is responsible for making sure all assets in the will are accounted for, along with transferring these assets to the correct parties. Assets can include financial holdings, such as stocks, shares, bonds or money market investments, property, and chattels.

The executor also needs to ensure that all the debts of the deceased are paid off, including any taxes, loans, or mortgages. The executor is legally obliged to meet the wishes of the deceased and act in the interest of the deceased.

Some people agree to be an executor thinking that it will be years before they have to do any work. However, doing the job properly means going to work immediately.

To be prepared, you should:

  • Make sure the testator is keeping a list of assets and debts, including bank accounts, investment accounts, insurance policies, real estate, and so on.
  • Know where the original Will and the asset list is being held and how to access them.
  • Know the names and contact details of solicitors named by the testator, and what their function is.
  • Discuss the testator’s wishes as far as a funeral or memorial service, including instructions for burial or cremation.
  • Discuss the will with the testator in order to minimise problems in the future.
  • Have a copy of all these documents.

It is important that you have the time to gather this information as soon as possible after you’ve agreed to be the executor.

What if you don’t want to act as an executor?

The role of an executor is not always easy. As well as the legal forms that need to be completed, there may be complexities in administering the estate once the appropriate grant of probate or letters of administration have been received. There may be taxes to pay. For that reason, many people seek the assistance of a lawyer to help them in their role. A good solicitor will assist in applying for probate and in the administration as well as preparing final accounts and dealing with the distribution of the estate along with paying any taxes.

But that doesn’t mean that you have to act. If you are uncomfortable in acting there are three options that are open to you:

Renouncing the appointment.

In essence, this is the process of withdrawing your consent to act. To renounce executorship, you will need to have a deed of renunciation drafted by a solicitor. This document must be signed and lodged with the Probate Registry. Once it has been lodged it is final and can only be retracted if you have permission from a District Judge or Registrar. In order to renounce however, you must not have “intermeddled” in the estate (more on that below).

Having power reserved if there is another executor who can act instead.

When a will names more than one executor, not all of the executors have to act if they don’t want to. If one executor doesn’t want to act, they can have power reserved to them, which means that they won’t need to take an active role in the administration of the estate. The other executors will then take on all of the probate responsibilities. The major difference to renouncing is that having power reserved is easily reversed if someone changes their mind. It is also possible to have power reserved if the executor has intermeddled in the estate.

Appointing an attorney to act on the executor’s behalf.

An executor named in a will can also decide to appoint someone as their “attorney” to act on their behalf and to administer the Estate for them. This is done by way of a Limited Power of Attorney, which would state that the attorney is only able to act in relation to administering the Estate, and not in relation to the executor’s own personal affairs. When someone is appointed using a Power of Attorney, they essentially step into the shoes of the executor and have the same powers that the Executor would have themselves. An executor can appoint an attorney to act in their place even if they have “intermeddled” in the estate, so as long as the grant of probate has not been applied for. An attorney can be a friend or family member or an executor may wish to instruct a professional person or organisation, such a solicitor, to act as their attorney.

What is Intermeddling?

If you are considering stepping down as an executor, you need to be clear that you have not intermeddled in the estate before you decide which course of action to take. Intermeddling means that you have handled the deceased person’s assets or held yourself out in the role of an executor. This could be collecting an asset or paying a debt. It could also mean you have dealt with handing over an asset to a beneficiary or have been running the deceased’s business after their death.

Certain acts, however, are not regarded as intermeddling, such as arranging the funeral, securing goods or moving assets to a place of safety. By preserving the estate assets initially, you are not considered to be assuming the role of executor and are therefore not intermeddling.

If, on the other hand, you have started to distribute assets or paid debts from the estate you will almost certainly intermeddled and the option of renouncing executorship will no longer be open to you.

Contact our Family Team at Vyman

If you have been appointed an executor and need assistance with the probate procedure or alternative are uncomfortable in taking on the responsibility of the role, please contact our wills, probates and lasting power of attorney solicitor Anu Khanduja on 020 3926 6987 / anu.khanduja@vyman.co.uk

 

The content of this article has been prepared for informational purposes only. This content does not constitute legal advice, nor does it give rise to a solicitor/client relationship. Specialist legal advice should be taken in relation to specific circumstances.