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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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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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The Lion King - and estate planning

The Lion King – and Estate Planning

Estate Planning Lessons from The Lion King: What Simba’s Story Teaches Us About Wills and Inheritance in England and Wales Disney’s The Lion King is more than just a heartwarming tale of courage, redemption, and the circle of life. Beneath the captivating animation and memorable songs lies a complex narrative about family dynamics, inheritance, and succession—key elements in the world of estate planning. If we reimagine the Pride Lands under the laws of England and Wales, the story offers intriguing insights into how proper estate planning can prevent a kingdom (or estate) from falling into the wrong hands. The Royal Lineage and the Importance of a Will In the film, King Mufasa rules over the Pride Lands with wisdom and benevolence. His heir apparent is his young son, Simba. However, tragedy strikes when Mufasa’s jealous brother, Scar, orchestrates his death and manipulates Simba into exile – spoiler alert! With both the king and the prince out of the picture, Scar seizes the throne. Had this scenario unfolded in England and Wales, the absence of a valid Will could lead to a legal quagmire. Under the Rules of Intestacy, if someone dies without a Will, their estate is distributed according to the Rules of Intestacy. As Mufasa’s direct descendant, Simba would be the primary beneficiary. Scar, being a sibling, would only inherit if there were no surviving spouse, children, grandchildren, or great-grandchildren. We already know that Simba’s mum – Sarabi would have benefited before Simba and certainly before Scar.  The Forfeiture Rule: Crime Doesn’t Pay Scar’s nefarious actions introduce the Forfeiture Rule into our hypothetical situation. This rule states that a person who unlawfully kills another cannot benefit from their death. In legal terms, Scar would be barred from inheriting any part of Mufasa’s estate due to his role in the king’s death. His claim to the throne (or estate) would be invalidated, leaving the kingdom in a state of uncertainty. Executors and the Search for Simba In the wake of Mufasa’s death, the responsibility to manage and distribute the estate would fall to the executors named in his Will. If no executors were appointed, the court would designate administrators. Their duties would include: – Identifying and Valuing Assets: Cataloguing the king’s holdings in the Pride Lands. – Settling Debts and Taxes: Ensuring any obligations are met before distribution. – Locating Beneficiaries: Making all reasonable efforts to find Simba. Again, we must remember that despite the fact that Simba was in line to inherit, Sarabi would likely have been sole executor and beneficiary, especially if there is no Will in place unless the Estate is in excess of £322,000. Any inheritance for Simba would have likely been when he became an adult. Picture him walking and singing the Hakuna Matata song). It would be this point when he inherits. Given that Simba is missing and presumed dead, the executors would need to demonstrate due diligence in their search should he be entitled to inherit. This could involve hiring tracing agents or making public notices. Until Simba is found or legally declared deceased, the estate cannot be fully settled. Presumption of Death and Its Implications If Simba remained missing for an extended period, the executors might consider applying for a Declaration of Presumed Death. Under the Presumption of Death Act 2013, a person can be declared dead if they’ve been missing for at least seven years with no evidence of being alive. This legal declaration would allow the estate to be administered, but it’s a lengthy and complex process that executors typically avoid unless absolutely necessary. Scar’s Illegitimate Rule and Adverse Possession Scar’s usurpation of the throne mirrors the concept of Adverse Possession—acquiring legal ownership of property through continuous possession without the owner’s consent. However, in England and Wales, adverse possession requires: – Uninterrupted possession for at least 10 years (for registered land). – An application to the Land Registry. – The original owner’s lack of objection. Scar’s rule fails on all counts. His possession is neither lawful nor uncontested, especially once Simba returns to assert his rightful claim. Parallels to Hamlet: A Tale as Old as Time Many critics draw parallels between The Lion King and Shakespeare’s Hamlet. Both stories involve a prince seeking to avenge his father’s death at the hands of an uncle. This timeless narrative highlights the chaos that can ensue when succession is disrupted—whether by foul play or lack of clear legal directives. For anyone who is a fan of The Last Kingdom, this is a similar story line for Uhtred, Lord of Bebbanburg. Lessons Learned: Safeguarding Your Legacy While most families won’t face royal betrayals or missing heirs, The Lion King serves as a metaphor for the importance of meticulous estate planning. Key takeaways include: – Draft a Comprehensive Will: Clearly outline how your assets should be distributed to prevent disputes. – Appoint Trustworthy Executors: Choose individuals who will act in the best interest of your beneficiaries. – Plan for Contingencies: Consider scenarios like missing beneficiaries or simultaneous deaths. Ok, so maybe this one isn’t too likely. – Communicate Your Wishes: Keep open lines of communication with your loved ones to minimise confusion. How SLS Wills and More Can Help At SLS Wills and More, we understand that estate planning can feel as daunting as reclaiming a kingdom. Our experienced team is here to guide you through every step, ensuring your legacy is protected and your wishes are honoured. Disclaimer: This article is for informational purposes only and does not constitute legal advice. 

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