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SLS Wills and More!

SLS Wills and More was set up by Sara Sheppard in 2017 after over 35 years in private practice in a number of specialist solicitors across East Kent. Sara and SLS Wills and More are part a fellow  of the Society of Will Writers. Since becoming a fellow of the SWW, Sara now sits on their Professional Standards Board and is now a fellow member of the SWW.

There are so many good reasons to use SLS Wills and More

Supporting good causes!

We give 5% of profits to good causes. We’ve donated to Hypo Hounds via Work for Good and  Community Driving School CIC (CDS) directly. If any legacies are included within the Wills for either organisation a further 5% of the invoice value will be donated to that good cause

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Wills

We work hard during our lifetime to build our estate. It’s important to protect it. We can support with all types of Wills from simple to complex and also with commercial or business succession planning.

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Probate and Estate Administration

Dealing with the affairs of someone’s estate after they have passed can be made easier with a Will but presents challenges. We can provide guidance and support to help.

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Secure Document Storage

Once you’ve spent money on estate planning, it’s vital you keep these documents safe. If the documents are lost, there is little if anything that can be done to protect your wishes.

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Trusts

Trusts are like a safety deposit box used to protect assets. Here at SLS Wills and More we help you utilise all sorts of Trusts and provide guidance as to the tax position behind each.

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Lasting Powers of Attorney

Enabling people we trust to make decisions for us in the event that we cannot or don’t want to make them for ourselves.

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Privilege Wills

Privilege Wills in England and Wales: A Rare but Valuable Option

In England and Wales, most individuals are familiar with standard Wills, created through legal documents that are signed and witnessed. However, there exists a lesser-known, yet still legally recognised, type of Will known as a “privileged Will.” While rarely used, a privileged Will can be invaluable for certain individuals facing specific circumstances. This article explains what a privileged Will is, when it can be made, and how it differs from a traditional Will. If you’re considering your estate planning options, understanding privileged Wills could be essential, especially if you or a loved one may need this unique form of testamentary instrument. What Is a Privileged Will? A privileged Will is a type of Will that can be created by certain individuals without the usual formalities required for a standard Will. Privileged Wills are recognised under English and Welsh law, but their application is strictly limited to particular situations, mainly involving those in high-risk environments, such as active military service. Because they do not require the same formal witnessing and signing requirements as standard Wills, privileged Wills provide a quick, flexible way for eligible individuals to make their wishes legally binding. Who Can Make a Privileged Will? In England and Wales, the right to make a privileged Will is reserved for two categories of individuals: It’s worth noting that while these two categories cover most privileged Wills, the term has also occasionally applied in instances where civilians find themselves in extreme danger, though this is far less common and not explicitly covered by legislation. How Do Privileged Wills Differ from Standard Wills? The main differences between a privileged Will and a standard Will involve formal requirements. For most Wills in England and Wales, specific steps must be followed for them to be legally valid: Privileged Wills, however, are not bound by these requirements. For example: These relaxed requirements make privileged Wills unique in the scope of English and Welsh law. However, once a privileged Will is made, it is still legally binding and will be treated as such in probate, provided the person was eligible at the time it was created. When Are Privileged Wills Used? Privileged Wills are rare because they apply only to those facing extreme conditions where traditional Will-making may not be feasible. Examples include: Considerations for Those Making a Privileged Will While a privileged Will can be highly beneficial in critical situations, it’s important to remember that it does come with some limitations: The Minimum Age for Making a Will in England and Wales In England and Wales, the minimum age to make a standard Will is 18. However, those eligible to make a privileged Will, such as young soldiers in active duty under the age of 18, may be permitted to create a privileged Will, reflecting the unique demands and risks associated with military service. Final Thoughts on Privileged Wills Although privileged Wills are infrequently used, they represent an important exception in English and Welsh law, reflecting the special needs of military personnel and others exposed to serious risks. Privileged Wills allow those individuals to ensure their wishes are honoured, even if they cannot complete a standard Will. For those considering a privileged Will, consulting with a specialist in Wills and estate planning, like SLS Wills and More, can offer clarity and guidance on this specialised topic. If you have further questions on privileged Wills or any other estate planning needs, feel free to contact SLS Wills and More to discuss how we can assist you.

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The Budget

The Chancellor’s Autumn Budget 2024: Impact on Estate Planning

The Autumn Budget 2024, delivered by Chancellor Rachel Reeves, has introduced significant tax changes aimed at addressing fiscal shortfalls while pledging increased funding in crucial sectors. With the largest tax-raising budget since 1993, it has implications for estate planning that will affect individuals with assets and estates in the UK. Below, we delve into the measures directly impacting estate planning, including changes to inheritance tax (IHT), capital gains tax (CGT), and pensions. 1. Inheritance Tax (IHT) Changes and Freezes Frozen IHT Thresholds Until 2030One of the most consequential announcements for estate planners is the freeze on IHT thresholds, now extended until 2030. The nil-rate band remains at £325,000, and the residence nil-rate band is also frozen at £175,000. With these thresholds unchanged, as property values and assets appreciate, more estates will likely exceed these limits, bringing more families into the IHT net. Inheritance Tax on PensionsFor the first time, inherited pensions will be subject to IHT from April 2027. This new rule means that pensions passed down upon the death of the original owner will be considered part of the deceased’s estate for tax purposes, potentially increasing the IHT burden. Estate planners should consider strategies to mitigate this impact, including diversifying assets or exploring trusts. Changes to IHT ReliefsThe budget also outlined plans to make business property relief (BPR) and agricultural business relief (ABR) less generous. While the full details are yet to be disclosed, any tightening of these reliefs will reduce their effectiveness as estate planning tools, particularly for individuals with substantial business or agricultural assets. Those planning to rely on these reliefs should stay informed on how future adjustments could impact their estate’s tax exposure. 2. Capital Gains Tax (CGT) Increases CGT Rate ChangesThe Budget announced increases to CGT rates, which are effective immediately from 30 October 2024. The lower CGT rate rises from 10% to 18%, while the higher rate increases from 20% to 24%. These rates align with those on residential property gains, which remain unchanged. These adjustments mean that individuals disposing of non-residential assets will face higher CGT liabilities, underscoring the importance of careful asset management and timing of disposals. Impact on Business Asset Disposal Relief (BADR)The rate for Business Asset Disposal Relief, a vital relief for business owners planning for succession or retirement, will also increase to 14% starting 6 April 2025. This change will lessen the tax efficiency of transferring business assets, particularly for small business owners and entrepreneurs who previously benefitted from the lower 10% rate. Those considering business disposals should evaluate the timing and structure of these transactions to minimise CGT impact. 3. Pension Planning Opportunities Retention of Pension Tax ReliefWhile there was speculation that pension tax relief could be curtailed, the Chancellor opted to retain the current framework, allowing individuals to continue benefiting from tax-efficient pension contributions. This decision is positive for estate planners, as it preserves the value of pensions as a tax-effective way to build wealth over a lifetime. It may be wise for estate planners to encourage clients to make the most of their pension allowances, given the pending IHT changes on inherited pensions. Pension Credit and State Pension IncreasesBoth pension credit and the state pension will increase by 4.1% in 2025, a move aligned with the government’s commitment to the triple lock on pensions. This increase may enhance retirement planning outcomes, as clients will have slightly more income security in retirement. 4. Business and Property Implications for Estate Planning Impact of Corporate and Business Taxes on Estate ValuationsWith the corporate tax rate held at 25% and business rates relief extended for certain sectors, the economic environment for businesses remains challenging. This higher corporate tax rate and increased business rates could affect the value of businesses and commercial properties within estates. Those with significant business interests may wish to review their estate plans in light of these changes, particularly to mitigate any impact on estate value for heirs. Stamp Duty Land Tax (SDLT) ChangesThe Autumn Budget reintroduced higher SDLT rates for additional property purchases, with a surcharge on second homes increasing to 5% from 31 October 2024. This change could deter some from expanding property portfolios, which may influence long-term estate plans where property is a central asset. Estate planners may look to explore alternative asset classes or strategies to minimise SDLT liabilities. Planning Considerations in Light of the 2024 Budget For those with significant estates, the Budget highlights a few key actions to consider: The Chancellor’s Autumn Budget 2024 introduces several important changes for estate planning, with an emphasis on capturing more revenue from wealthier estates. Careful planning and timely decision-making will be essential for individuals to mitigate these impacts while navigating this new fiscal landscape.

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