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Author name: Tom Stansfield

Mary Poppins
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Estate Planning Lessons from Mary Poppins: Bringing Order and Harmony to Your Family’s Future

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The family classic, Mary Poppins, is so good that it’s been remade in 2018 with Emily Blunt. The original is often remembered for its cheerful songs, whimsical adventures, and a magical nanny who literally floats in on the east wind. Beneath the charm and spoonfuls of sugar, however, lies a poignant commentary on family dynamics, values, and responsibilities. If we step inside No. 17 Cherry Tree Lane through the lens of estate planning, we find that the Banks family’s journey provides timeless lessons in securing one’s legacy and ensuring long-term family harmony. The Banks Family and Financial Strain At the heart of Mary Poppins are Mr and Mrs Banks and their two children, Jane and Michael. Mr Banks, a diligent banker, takes pride in his role as the family’s financial provider in an outdated family structure. Yet, for all his careful attention to the figures at the bank, he neglects the long-term planning and deeper emotional wellbeing of his household. In many ways, this parallels what can happen if we focus solely on short-term savings rather than broader estate planning strategies. Without a considered plan—be it a Will, trust, or lasting power of attorney—our families may end up facing uncertainty. Should the worst occur, your loved ones might be left juggling assets, bank accounts, and property without clear instructions, just as Mr Banks initially struggles to find the right balance between work and home. A Spoonful of Structure: Wills and Trusts Mary Poppins arrives to restore harmony, not just through magical outings and cheerful songs, but by subtly guiding Mr Banks to reassess his priorities. In estate planning terms, this is akin to drafting a comprehensive Will or setting up a trust. These documents serve as the framework that holds a family’s financial future together, ensuring that, should something happen, everyone knows what to do and where they stand. A Will allows you to specify exactly how your assets should be distributed, preventing family disputes and confusion. A trust can provide even greater flexibility, protecting the interests of your children until they are old enough to manage their inheritance responsibly—rather like Mary Poppins keeping a watchful eye until Jane and Michael are ready to embrace their father’s lessons in kindness and generosity. Appointing Suitable Guardians: Ensuring Children’s Welfare One of the key themes of Mary Poppins is the wellbeing of the children. Without Mary’s guiding hand, Jane and Michael’s emotional needs might have gone unmet, their joyful spirits dulled by a lack of attention. In England and Wales, parents can ensure their children’s futures by appointing legal guardians in their Wills. This pre-emptive step guarantees that someone trustworthy will look after them if you are no longer able to do so. It’s not just about financial security—it’s about emotional stability as well. Much like the warmth Mary Poppins brings to the Banks household, named guardians can provide the love, care, and consistent moral compass children need during difficult times. Lasting Powers of Attorney: Preparing for the Unexpected In Mary Poppins, unexpected changes abound—the nanny’s sudden arrival, a trip into a chalk painting, and a penguin waitstaff in a pavement café! Real life can also present unpredictable turns. If injury or illness renders you unable to make your own financial or healthcare decisions, a lasting power of attorney (LPA) ensures trusted individuals can act on your behalf. This pre-emptive step prevents unnecessary stress and upheaval, keeping your family’s ship steady and secure, rather like Admiral Boom’s precise timekeeping and Mary’s measured approach to challenges. Rediscovering What Matters Most By the end of the film, Mr Banks realises that family connection, compassion, and open-heartedness outrank his previous fixation on mere financial formality. In estate planning terms, this is a reminder that planning is about more than wealth—it’s about protecting the people you love and ensuring that they thrive emotionally and financially. Your estate plan becomes a lasting legacy of care, echoing Mary Poppins’ message: when families have a solid foundation, it frees them up to celebrate life’s joys together. Without the burden of uncertainty, they can focus on what truly matters—shared laughter, meaningful traditions, and passing on values that endure long after the last kite is flown. How SLS Wills and More Can Help At SLS Wills and More, we’re ready to help you channel your inner Mary Poppins—putting practical measures in place so that your family’s future is secure, stable, and full of possibility. From drafting a comprehensive Will to setting up trusts and LPAs, we can guide you through all aspects of estate planning. With our assistance, you can give your loved ones the greatest gift of all: the reassurance that, whatever tomorrow may bring, your family’s financial home at No. 17 Cherry Tree Lane (or wherever you reside) remains a place of comfort, harmony, and hope.

Pete's Dragon
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Who remember’s Pete’s Dragon…

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There is an irony when we say that not a lot of people saw it… The Dragon, not the film… That’s because the Dragon was invisible. Disney’s Pete’s Dragon may be best remembered for its heart-warming friendship between a young boy and a gentle, invisible dragon, but lurking behind the cheerful songs and enchanting special effects is a cautionary tale about the fate of children left without proper legal guardianship. If we imagine Pete’s situation playing out under the laws of England and Wales, it becomes clear just how vital it is to secure your children’s future through meticulous estate planning. Pete’s Predicament: Life Without a Safety Net In Pete’s Dragon, the orphaned Pete finds himself in dire straits. Originally taken in by the unscrupulous Gogan family, Pete flees their abuse to roam free with his friend, Elliot the dragon—an unseen protector. Without parents or a proper guardian, Pete’s wellbeing is left to chance. In the real world, however, society and the law have mechanisms designed to prevent vulnerable children from facing this uncertainty. If Pete’s parents had passed away in England and Wales without leaving a valid Will that named guardians, the courts would step in to determine who should care for him. While the courts endeavour to choose a guardian who can provide a stable, loving home, this process can be lengthy, stressful, and not always in line with what the parents would have wanted. Much like Pete’s dangerous brush with the Gogans, the wrong caretaker might emerge if there’s no clear legal guidance—highlighting the importance of appointing trusted guardians in your Will. The Role of Guardianship Clauses Had Pete’s parents named suitable guardians in a legally valid Will, the transition to a new home would have been far simpler. Instead of roaming from place to place, hoping for the kindness of strangers (or the protective presence of a magical dragon), Pete could have enjoyed the security of a home chosen by his parents. Such a guardian would look out for his best interests, ensuring a positive upbringing, proper education, and moral guidance—a stark contrast to the haphazard protection offered by Elliot’s invisibility trick. Controlling the Purse Strings: Trusts and Financial Security As an orphan, Pete not only needs loving guardians, he also needs financial security. If his parents had assets—whether modest savings or a family home—a well-crafted Will could have included a trust. A trust ensures that funds are safeguarded and managed responsibly on a child’s behalf until they reach a specified age. This might have prevented Pete from being taken advantage of by those more interested in his financial potential than his welfare. Whereas Elliot’s magical presence provides protection from harm, trusts offer a more practical, legal shield, safeguarding against misuse of funds and ensuring that they’re used exclusively for the child’s maintenance, education, and future prospects. Preventing Predatory Figures from Gaining Control In the film, Dr. Terminus, a charlatan ‘snake oil salesman’, attempts to exploit Elliot’s rarity and abilities for profit. In a real-world scenario, an unprotected child’s inheritance or estate might attract similarly unscrupulous individuals. Proper estate planning, with a trust overseen by reliable trustees, prevents ill-intentioned parties from capitalising on a vulnerable child’s inheritance. After all, trustees have legal responsibilities to protect and manage trust assets for the benefit of the trust’s beneficiaries. By having your wishes clearly stated, you give trustees the power to say “no” to predators and opportunists, and “yes” to anything that genuinely benefits the child’s welfare. Learning from Pete’s Story: Dickensian Echoes Pete’s Dragon has a kinship with many classic tales of orphans navigating a challenging world—a theme reminiscent of Dickensian England. Then as now, the absence of parental guidance and legal protections left children vulnerable to exploitation. Thankfully, modern legislation in England and Wales allows parents to set out their wishes and shield their children through legally binding documents. The lesson here is simple: whilst none of us can guarantee a life free of hardship, we can eliminate unnecessary uncertainty and risk for our loved ones by putting our affairs in order and it’s quite a simple process. How SLS Wills and More Can Help At SLS Wills and More, we understand that estate planning isn’t just about distributing possessions—it’s about providing for the future wellbeing of those dearest to you. Much like Elliot offers magical protection to Pete, our team offers you peace of mind by: In an unpredictable world, you can ensure your children don’t need a mythical dragon to feel safe and secure. Contact SLS Wills and More today, and let us help you build a legal safety net as steadfast as Elliot’s invisible wings.

Christmas at SLS Wills and More
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A Christmas Message from SLS Wills and More

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As we approach the festive season, all of us at SLS Wills and More would like to take a moment to wish you a merry Christmas and a peaceful New Year. It’s a time for family and friends, gathering together (in person or virtually) to share in familiar traditions and create new memories. The past year has reminded us of the importance of family, security, and taking the time to plan for whatever the future may hold. While Christmas might not seem like the ideal moment to think about estate planning, there’s something reassuring in knowing that your loved ones will be well looked after, not just for the holidays, but for many years to come. At SLS Wills and More, we firmly believe that the greatest gift you can give your family is the certainty that comes with having a valid will, appropriate lasting powers of attorney, and a sound plan for the management of your estate. This forward-thinking approach is not just a legal safeguard—it’s a heartfelt gesture of love, care, and consideration for those closest to you. So, as you exchange presents, pull a cracker, and enjoy your Christmas pudding, consider if this year might be the one to give yourself and your loved ones that lasting peace of mind. If we can help, we’re only a call or email away. From our family at SLS Wills and More to yours: Merry Christmas, and our very best wishes for a bright and prosperous New Year. May 2025 bring comfort, joy, and the security of knowing that you’ve taken care of the things that truly matter. As a quick reminder, our festive hours can be found on our Contact Us page and on our home page.

Home Alone Christmas Film and Will Writing
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Estate Planning Lessons from Home Alone: Ensuring Your Loved Ones Aren’t Left Behind

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As the Christmas approaches, we have seen so many posts on social media about the best Christmas Movies and it gets heated! Many of us will revisit the Christmas classic, Home Alone. The film’s storyline of a young boy accidentally left behind while his family jets off on holiday is not only a comic adventure, but can also serve as an unusual lesson in the importance of estate planning. Would you believe it? We continue our series of film-based inheritance blogs… If we imagine the McCallister family’s predicament playing out in England and Wales under the lens of Wills, trusts, and guardianship, we find some surprising insights into what might happen if the adults in the family were tragically unable to return. When Parents Are Missing in Action In Home Alone, Kevin McCallister’s family inadvertently leaves him behind in their Chicago home while they rush off to France. Small side note – the house that was used for filming has gone on the market recently and it would automatically trigger an IHT liability if owned in England or Wales. Back to Kevin… Although he fends off bumbling burglars with admirable ingenuity, we can’t help but wonder: what if Kevin’s parents had met with a misfortune and never made it back? How would English and Welsh law handle the matter? In real life, if both parents were to pass away unexpectedly, the children left behind would need care not from the police or social services, but from someone legally authorised to look after them. This is where the importance of appointing legal guardians in your Will comes into play. Without a properly drafted Will that names guardians, the decision as to who cares for minor children could be left to the courts. This potentially lengthy and complex process is the last thing anyone would want for a child who’s already suffered the loss of their parents. We heard a story recently where this exact thing happened and it took 3 weeks before the family were able to look after their own flesh and blood. The Role of Executors Should the McCallisters’ unfortunate scenario become reality, the executors named in their Will would play a crucial role. These trusted individuals are responsible for: If Kevin is a minor and his parents left their estate to him and his siblings, the executors could hold the assets in trust until they reach adulthood. This would ensure that the children’s financial future remains secure, even if their parents are no longer around. This sort of trust would ordinarily be called a bare trust. Guardianship: Choosing the Right Person In Home Alone, Kevin’s challenge was surviving in a house rigged with homemade booby traps rather than navigating complex legal proceedings. But let’s imagine the opposite scenario: if Kevin’s parents had made no arrangements, he and his siblings might find themselves in the care of a relative who may not share the McCallisters’ values or parenting style. Worse still, if no suitable family member or friend stepped forward, the local authority might have to become involved. By naming a guardian in a Will, parents can ensure their children are raised by someone they trust—an aunt, uncle, or close family friend who can provide not only a safe home, but emotional stability during a turbulent time. Trusts and Inheritance The McCallisters appear to be a reasonably well-off family, so it’s safe to assume there might be a sizeable estate at stake. If the parents did not leave a valid Will, the Rules of Intestacy in England and Wales would dictate how their estate is divided. The children would eventually inherit, but the process might be more complicated and less flexible than if a well-structured Will had been in place. For wealthier or more complex estates, setting up trusts is often a good idea. Trusts can protect assets and ensure they are used for the children’s benefit, covering expenses like education, housing, and general welfare until they come of age. Without such foresight, the children might inherit large sums at 18, before they’ve learned to manage money responsibly—something Kevin might have appreciated when stocking up on aftershave and pizza. He certainly knew how to spend his parent’s money in Home Alone 2 when stuck in New York… Planning for the Unexpected No one wants to think about worst-case scenarios during the holidays, but the truth is, life can be unpredictable. Home Alone might be a slapstick comedy, but it reminds us that it’s all too easy for things to go wrong when we least expect it. By taking the following steps, you can ensure your loved ones are protected if the unthinkable happens: How SLS Wills and More Can Help At SLS Wills and More, we understand that no one wants to imagine their children home alone for the holidays without proper care and support. We can guide you through the entire estate planning process, from writing a valid will to setting up trusts and appointing the right guardians. Our professional, empathetic team will ensure you have peace of mind that your children are always provided for, no matter what happens. Ready to ensure your loved ones are never left behind? Contact us today to secure your family’s future.

Christmas at SLS Wills and More
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Festive Cheer and the Gift of Estate Planning: A November Surprise from SLS Wills and More

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November. That curious month where Halloween is a distant memory, Bonfire Night smoke has barely cleared, and the first Christmas decorations start appearing in shops (we’re looking at you, early-bird supermarkets!). It’s also, controversially, when we at SLS Wills and More choose to talk about estate planning. Yes, we know – ’tis the season for mince pies, not meticulous paperwork – but hear us out. Why Estate Planning Makes the Perfect Gift While estate planning might not be at the top of your Christmas list, it’s the ultimate act of love for your family. Forget socks, chocolates, or yet another novelty mug – sorting your Will means giving the people you care about peace of mind and clarity when they need it most. It’s a gift that lasts far longer than a festive jumper (even one with twinkly lights). The Serious Bit (Wrapped in Tinsel) Did you know that more than half of adults in the UK don’t have a Will? That’s a lot of people leaving the fate of their hard-earned assets to the whims of intestacy rules. Now, imagine your Christmas dinner without a plan: no one knows who’s carving the turkey, your aunt insists on putting gravy on the pudding, and chaos reigns. Not exactly a joyful celebration. That’s what dying without a Will can feel like – but on a much bigger, messier scale. Take some time now, before the festive rush, to get your affairs in order. Think of it as a gift to your future self and your family. You’ll enjoy the mulled wine and mince pies all the more knowing you’ve ticked it off your list. Festive Hours (Mark Your Calendar!) We’re keeping our doors open longer than your average advent calendar but not quite until the bells toll on Christmas Eve. Here’s when you can catch us: Don’t Wait Until Next Year We understand that the festive period can feel a little manic, but it’s also the perfect time to reflect on what truly matters. Between wrapping presents and sipping eggnog, consider adding estate planning to your list. And if you’d rather not mix tinsel with trustees, don’t worry – we’re here to help you start 2025 on the right note. Now for the Joke (We Promised, Didn’t We?)Why was the turkey not invited to play cards?Because he was always gobbling! And on that festive note, remember: your estate plan is not just about what you leave behind but how you show your loved ones you care. Whether you’re a planner or a last-minute shopper, SLS Wills and More is here to help. Wishing you a very merry November (and an even merrier December). Don’t leave it to chance – leave it to us.

Wicked SLS
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Fairy Tale Estate Planning: Wicked, The Wizard of Oz, and Who Gets the Ruby Slippers?

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Welcome to the next enchanting instalment of our whimsical (yet serious!) series on estate planning through the lens of fairy tales. This time, we’re heading to the land of Oz – where tornadoes, witches, and ruby slippers create the perfect storm of estate planning conundrums. Apt with the launch of the new Wicked movie. What happens when a pair of magical shoes becomes the subject of a contested inheritance? Let’s dive in and explore the legal chaos of Oz. Who Owns the Ruby Slippers? The Wizard of Oz kicks off with a rather unconventional transfer of assets: Dorothy’s house crash-lands on the Wicked Witch of the East, inadvertently making Dorothy the new owner of the iconic ruby slippers. A fair inheritance? The Wicked Witch of the West certainly doesn’t think so. If Oz had a legal system – and we’re assuming it would follow the rules of England and Wales, because why not – the Wicked Witch of the West could have grounds for an inheritance dispute. The slippers, as part of the estate, might have been intended for her, but without a Will, we’ll never know. The Wicked Truth About Intestacy Let’s say the Wicked Witch of the East had passed away without a Will (tragically, houses falling from the sky don’t leave much time for paperwork). Under intestacy rules: But here’s where the ruby slippers become a problem. Dorothy, who isn’t related to the Wicked Witch at all, takes possession of them without any legal authority. Intestacy rules don’t cover “finders-keepers” scenarios, and this could lead to a lengthy legal battle worthy of a sequel. The Problem with Leaving No Plan The drama in Oz highlights what happens when no one takes control of an estate. The ruby slippers aren’t just an asset; they’re a symbol of power – and their ownership directly impacts the lives of others. Without a clear Will, disputes over who gets what can tear families (and fairy tale realms) apart. What Could the Wicked Witch of the East Have Done? A Modern-Day Dorothy Imagine Dorothy living in 2024 or soon to be 2025. She might think, “I don’t need a Will; I don’t own much besides a small Kansas farm and a dog.” Don’t get us started on the farm! But by the time she’s back from Oz with magical shoes and stories to tell, she’s acquired assets (and responsibilities) that need protection. Estate planning isn’t just for witches or wizards – it’s for everyone, whether you’re living in a castle, a farmhouse, or travelling by tornado. Lessons From the Yellow Brick Road From family disputes to unexpected inheritances, the world of Oz is a reminder of how important estate planning can be. Without clear instructions, even a simple estate (or a pair of shoes) can spark conflict. And while we can’t guarantee ruby slippers in your estate, we can promise peace of mind for you and your loved ones. The Final Curtain (and the Glinda-Approved Bit) Good witches, bad witches, or somewhere in between – we all need a plan for the future. Don’t leave your legacy to chance or flying houses. A well-drafted Will ensures your wishes are carried out, your loved ones are protected, and no one ends up clicking their heels in frustration. So, if you don’t have a Will yet, don’t follow the yellow brick road – follow us to SLS Wills and More! PS: Why don’t witches wear flat shoes? Because there’s no arch support in arch enemies.

Cinderella SLS
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Fairy Tale Estate Planning: Cinderella, the Wicked Stepmother, and Why You Need a Will

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Welcome back to the next chapter in our whimsical (but surprisingly serious) look at fairy tales and estate planning. Following the success of our hypothetical Simba case study, we now turn to another iconic tale: Cinderella. This time, we’re tackling the tricky topic of blended families, wicked stepmothers, and why having a Will is essential for ensuring your estate doesn’t end up in a pumpkin-shaped mess. The (Hypothetical) Estate of Cinderella’s Father Let’s imagine that Cinderella’s father was a wealthy gentleman who, like many parents, wanted to ensure his daughter was well cared for after his passing. Tragically, he didn’t make a Will – maybe he was busy organising the household or distracted by a suspiciously high dry-cleaning bill for his daughter’s rags. Under the rules of intestacy in England and Wales, Cinderella’s stepmother – as the spouse – would inherit the first £322,000 of his estate outright, plus half of the remainder. The other half of what’s left would go to Cinderella. But we know how that story ends: the wicked stepmother pockets her share and, with her less-than-saintly intentions, keeps Cinderella locked in the attic while her own daughters revel in riches. We call this sideways disinheritance. It’s a scenario that might make even the Fairy Godmother despair. The Problem with Intestacy Without a Will, you lose control over how your estate is distributed. In blended families – like Cinderella’s – this can lead to heartbreak and inequality. If Cinderella’s father had a Will, he could have protected her share of the inheritance, ensuring it was used for her benefit rather than being squandered on fancy dresses and ballroom tickets for her stepsisters. By appointing trustees, he could have also stipulated conditions for how and when Cinderella received her inheritance. For instance, releasing funds for her education (maybe those ballroom dance classes?) or for her future home – something she clearly needed after years of attic accommodation. What Could Cinderella’s Father Have Done? A Modern-Day Cinderella If Cinderella’s tale played out in 2024 or even 2025, she might have sought legal advice (hopefully before marrying into royalty – those pre-nups are tricky!). With a well-drafted Will and a bit of estate planning, her father could have avoided years of attic misery and set her on a clearer path to happily ever after. Lessons for All of Us Whether your family is more like Cinderella’s or closer to a Disney-esque dream, the importance of having a Will can’t be overstated. Blended families, second marriages, and stepchildren bring unique challenges to estate planning. Without proper provisions, your estate might not go to the people you care about most – and could lead to squabbles worthy of a panto. The Serious Bit in Fairy-Tale Wrapping It’s easy to overlook estate planning, especially when life feels like a whirlwind of chores and unexpected transformations. But the reality is this: making a Will gives you control, protects your loved ones, and ensures your wishes are carried out. So, don’t let your legacy be left to chance or at the mercy of a wicked stepmother. Whether you’re a prince, a pauper, or somewhere in between, make your estate plan your very own fairy-tale ending. And remember, if your pumpkin carriage breaks down on the way to our office, we’re here to help. The moral of the story? Don’t leave your estate planning to a bibbidi-bobbidi-boo – leave it to SLS Wills and More!

Lisa - SLS Wills and More
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6 Months in as a Consultant at SLS Wills and More

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Starting a new chapter at SLS Wills and more this year, has been a whirlwind of anadventure. Monday 10 th June I arrived at the office in Aylesham ready to meet the rest of theteam. The first couple of weeks I wondered more times than not, if I had made theright decision, would I ever understand it all, let alone remember it. As the weeksticked by, I continued my online training with the College of Will Writers, asking Saramore and more questions every day. By the end of July, I had completed all thetraining modules and was ‘ready’ to sit the three final exams. After what felt like forever (6 weeks) I received the new that I had passed!!Feeling nervous, I was able to start meeting clients with Sara to really learn theropes. No two clients have the same family dynamics or want the same things whenthey are planning for the future, so every day is definitely a school day. Probably one of the biggest obstacles and what I really wasn’t prepared for was themarketing and networking, connecting with other local businesses, buildingrelationships and not being afraid to ask questions. Another steep learning curve forme, but one I am beginning to enjoy and feel more at ease with. Here I am six months into this new career, seeing clients on my own now, with Saraand the SLS Wills and More team always on hand to help, encourage and support, Iam loving every minute.

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

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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.

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

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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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