2nd May, 2022
The SunLife Cost of Dying report has found that the average cost of a basic funeral has gone down for the first time in 18 years. The study notes that funeral costs were down 3.1% in 2021, with an average basic funeral costing £4,054, £128 less than in 2020. Costs vary across the UK regions, […]
Probate fees increased in January 2022 to a single flat rate of £273 for all applicants. This replaces a system that had two different fees, namely £215 for individuals applying for probate themselves and the reduced fee of £155 payable by probate professionals. This scheme encouraged the use of professionals to carry out the often […]
After a death, the deceased’s executor or administrator has the job of winding up the estate. Once this has been done, they are required to provide a final estate account, setting out all of the assets, income, liabilities and expenses as well as the amount that is payable to the beneficiaries. Administering an estate involves […]
A Lasting Power of Attorney or LPA is a document that gives legal authority to someone to deal with your affairs on your behalf, should you ever be unable to do this yourself. It is recommended that everyone consider putting one in place so that, should anything happen, your loved ones have the reassurance of […]
Some estates are excepted from the need to pay Inheritance Tax. In January 2022, the rules surrounding this changed, with the aim of simplifying the Inheritance Tax process. From January 2022, it is no longer necessary to complete Inheritance Tax form 205 if an estate is exempt from Inheritance Tax. Previous regulations It used to […]
A pre-paid funeral plan will cover some of the basic costs of a funeral when the time comes. If you want to make arrangements for your funeral costs, you can pay in advance so that your loved ones will have less to deal with in respect of organisation and payment. In deciding whether this is […]