Herts &amp; Beds


<p>We know, legal stuff can seem boring, complex, and a little dreary (inheritance, Wills, LPAs&#8230; groan!), which is why it often falls to the bottom of the to-do pile. But with spring on the way it&#8217;s the perfect time to get your affairs in order &#8211; and it doesn&#8217;t have to be a drag. <a href="https://www.debenhamsottaway.co.uk/" target="_blank" rel="noreferrer noopener">Debenhams Ottaway Solicitors</a> in St Albans share what you should be doing and how. </p>



<h2 class="wp-block-heading" id="h-get-your-house-in-order"><strong>Get your house in order</strong></h2>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1000" height="675" src="https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2023/03/house-front-door-viktor-forgacs-fHYztTcPZvU-unsplash-1000x675.jpg" alt="Red brick house with sash windows and topiary outside" class="wp-image-76147" srcset="https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2023/03/house-front-door-viktor-forgacs-fHYztTcPZvU-unsplash-1000x675.jpg 1000w, https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2023/03/house-front-door-viktor-forgacs-fHYztTcPZvU-unsplash-800x540.jpg 800w, https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2023/03/house-front-door-viktor-forgacs-fHYztTcPZvU-unsplash-778x525.jpg 778w, https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2023/03/house-front-door-viktor-forgacs-fHYztTcPZvU-unsplash.jpg 1500w" sizes="(max-width: 1000px) 100vw, 1000px" /></figure>



<p>Even if you&#8217;re not <a href="https://www.debenhamsottaway.co.uk/services/buying-and-selling-your-home/" target="_blank" rel="noreferrer noopener">moving house</a>, there are things you can do on the legal front to make sure your property is working for you. Conveyancing solicitors don’t just take care of the buying and selling of your home, they can also help with equity release, buying and selling investment properties, lease extensions and buying freeholds. So if you&#8217;ve been planning on buying the freehold of your property, releasing some equity for that trip of a lifetime, or investing in a second home, don&#8217;t put it off any longer.</p>



<p>When it comes to choosing a conveyancer, bear in mind that lower prices don’t necessarily equate to the best value for money or the most efficient, reliable service. An experienced legal conveyancer will keep excellent lines of communication in terms of updating you on progress and being on hand to answer your queries for a straightforward and stress-free experience.</p>



<h2 class="wp-block-heading"><strong>Make a Will</strong></h2>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1000" height="749" src="https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2022/08/woman-signing-document-pexels-karolina-grabowska-5387261_Fotor-1000x749.jpg" alt="" class="wp-image-71973" srcset="https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2022/08/woman-signing-document-pexels-karolina-grabowska-5387261_Fotor-1000x749.jpg 1000w, https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2022/08/woman-signing-document-pexels-karolina-grabowska-5387261_Fotor-800x599.jpg 800w, https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2022/08/woman-signing-document-pexels-karolina-grabowska-5387261_Fotor-701x525.jpg 701w, https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2022/08/woman-signing-document-pexels-karolina-grabowska-5387261_Fotor.jpg 1500w" sizes="(max-width: 1000px) 100vw, 1000px" /></figure>



<p>It might not be cheery, but it <em>is </em>important, particularly if you have children, own a property or business or have significant savings and investments. A <a href="https://www.debenhamsottaway.co.uk/services/wills-trusts-inheritance-solicitors/writing-reviewing-will/" target="_blank" rel="noreferrer noopener">Will</a> is the best way to guarantee that your family is supported financially and provided for in the way you want after you have gone. Many people mistakenly believe that if you do not have a Will, your spouse will automatically inherit everything, but this isn’t always the case. Equally, if you aren’t married, are in a civil partnership or have step-children, they may receive nothing unless you make a legal Will.  </p>



<p>It’s also crucial to remember that if your life situation changes so should your Will. Whether it’s a change in financial circumstances, you&#8217;ve bought a new home, got married, had children or grandchildren or have got divorced, your Will should be updated to reflect these changes.</p>



<h2 class="wp-block-heading"><strong>Set up Lasting Powers of Attorney</strong></h2>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1000" height="663" src="https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2023/03/couple-holding-hands-nani-chavez-EKHB_4kEYzw-unsplash-1000x663.jpg" alt="Close-up of man and woman holding hands" class="wp-image-76148" srcset="https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2023/03/couple-holding-hands-nani-chavez-EKHB_4kEYzw-unsplash-1000x663.jpg 1000w, https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2023/03/couple-holding-hands-nani-chavez-EKHB_4kEYzw-unsplash-800x530.jpg 800w, https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2023/03/couple-holding-hands-nani-chavez-EKHB_4kEYzw-unsplash-792x525.jpg 792w, https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2023/03/couple-holding-hands-nani-chavez-EKHB_4kEYzw-unsplash.jpg 1500w" sizes="(max-width: 1000px) 100vw, 1000px" /></figure>



<p><a href="https://www.debenhamsottaway.co.uk/services/court-of-protection-and-lasting-power-of-attorney-solicitors/lasting-powers-attorney-solicitors/" target="_blank" rel="noreferrer noopener">Lasting Powers of Attorney</a> (LPAs) are just as important as Wills and relevant to all adults. They allow you to appoint people to act on your behalf in case you cannot manage certain decisions and responsibilities in your lifetime, usually because of an accident, illness or old age. Similarly, people that travel a lot for business or pleasure can benefit from making an LPA. And, you don&#8217;t have to appoint the same person to make decisions about your property and finances as you do for your health and welfare. </p>



<p>Most of us prefer the idea of a loved one acting on our behalf rather than a stranger, as we hope they will act in our best interests and it&#8217;s a good idea to make your attorney/s aware of your wishes ahead of time. </p>



<p>It&#8217;s quick and easy to set one up, but if you don’t have one and you lose the ability to make your own decisions in future, your friends or family would need to apply to the Court of Protection to gain the right to look after your assets, which can be timely, expensive and emotional.</p>



<h2 class="wp-block-heading"><strong>Plan for the future</strong></h2>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1000" height="667" src="https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2023/03/girl-holding-piggy-bank-pexels-kristina-paukshtite-701801-1000x667.jpg" alt="" class="wp-image-76150" srcset="https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2023/03/girl-holding-piggy-bank-pexels-kristina-paukshtite-701801-1000x667.jpg 1000w, https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2023/03/girl-holding-piggy-bank-pexels-kristina-paukshtite-701801-800x533.jpg 800w, https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2023/03/girl-holding-piggy-bank-pexels-kristina-paukshtite-701801-788x525.jpg 788w, https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2023/03/girl-holding-piggy-bank-pexels-kristina-paukshtite-701801.jpg 1500w" sizes="(max-width: 1000px) 100vw, 1000px" /></figure>



<p>Simple <a href="https://www.debenhamsottaway.co.uk/services/wills-trusts-inheritance-solicitors/inheritance-tax-planning-solicitors/" target="_blank" rel="noreferrer noopener">inheritance tax planning</a> and advice can limit the tax you pay on your estate (ie your property, savings and other assets after any debts and funeral expenses have been deducted). If your estate exceeds the current inheritance tax (IHT) thresholds, everything above this (that is not left to your spouse, civil partner or charity), will be taxed at 40% upon your death. It will fall on your estate to pay the tax before it is distributed. The current threshold is £325,000, however spouses and civil partners can use their combined allowance of £650,000 plus any residential allowance.</p>



<p>You can reduce or avoid IHT in a number of legal ways, including gifting up to £3,000 each tax year with no tax implications. You can give away more, but you will need to live for more than 7 years for it to no longer count. Gifts of property, investments and heirlooms all fall under the same umbrella. If you’re gifting property, shares or investments, capital gains tax may be chargeable on the gains they have made since you bought them, if they exceed your annual allowance of £12,300, (reducing to £6,000 from 6 April). Gifts made to charities are exempt from inheritance tax, so there are no adverse effects to giving generously.</p>



<h2 class="wp-block-heading"><strong>Get a pre-nup</strong></h2>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1000" height="667" src="https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2023/03/wedding-couple-marc-a-sporys-NO8Sj4dKE8k-unsplash-1000x667.jpg" alt="Close up of bride and groom's feet wearing white court shoes and brown brogues." class="wp-image-76149" srcset="https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2023/03/wedding-couple-marc-a-sporys-NO8Sj4dKE8k-unsplash-1000x667.jpg 1000w, https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2023/03/wedding-couple-marc-a-sporys-NO8Sj4dKE8k-unsplash-800x534.jpg 800w, https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2023/03/wedding-couple-marc-a-sporys-NO8Sj4dKE8k-unsplash-787x525.jpg 787w, https://dev.muddystilettos.co.uk/herts/wp-content/uploads/sites/2/2023/03/wedding-couple-marc-a-sporys-NO8Sj4dKE8k-unsplash.jpg 1500w" sizes="(max-width: 1000px) 100vw, 1000px" /></figure>



<p>It may not seem very romantic when you&#8217;re on a post-engagement high and in the throes of wedding planning, but <a href="https://www.debenhamsottaway.co.uk/services/family-law-divorce-solicitors/prenuptial-post-nuptial-agreements/" target="_blank" rel="noreferrer noopener">pre-nups</a> are actually becoming increasingly popular. </p>



<p>Having a pre-nup will make it clear that certain assets you bring into the marriage belongs to just you and will not be shared in the future should you go your separate ways. It can also protect an inheritance you might be receiving in the future and provide financial security if there are children or grandchildren from any previous relationships or marriages that need to be considered. </p>



<p>Each party must get independent legal advice and the agreement must be fair and meet both parties’ needs. It is important that you review your pre-nup every few years and especially if your circumstances change, such as losing your job, having children or becoming ill.</p>



<p>Bear in mind that a pre-nup is not legally binding, which means the court does not have to uphold it. The judge will look at whether the contract is fair and by abiding by the terms of it, if both parties and any children’s needs will be met.</p>



<p><strong>Find out more about Debenhams Ottaway Solicitors <a href="https://herts.muddystilettos.co.uk/little-black-book/directory/debenhams-ottaway-solicitors/" target="_blank" rel="noreferrer noopener">here</a>. </strong></p>


5 ways to give your life a legal spring clean

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