Spring is on its way…
Spring is my favourite time of year – green shoots appear, plants start to flower, and the days grow longer meaning summer is just around the corner. Spring is a great time to give the house a deep clean as well as get your affairs and paperwork in order.
End of the Financial Year
The financial year comes to an end on 5 April, so it is important to ensure that your financial records are up to date. Are you self-employed, or need to file a tax return? Have you retained all your receipts for expenses so that these can be claimed back? Have you utilised your gifting allowance for the financial year? An individual can make gifts totalling £3000 per year without it affecting their estate for inheritance tax purposes. Any larger gifts can be made but the value of these would be added back into your estate for tax purposes should you die within 7 years of the date of gifting. Our specialist Wills and Probate Team can give more advice on what you can gift in any one tax year.
Review your paperwork and legal documents
Many of us travel in the summer and rather than leaving an important task like writing a Will or putting a Power of Attorney in place to the last minute, then I recommend you contact your solicitor as soon as possible. This will give you plenty of time to think through your wishes, check draft documents and raise any queries you might have. If you already have a Will and a Power of Attorney in place, then these should be reviewed regularly and preferably on an annual basis.
At Wolferstans, we offer free Will reviews to both existing and new clients. It is a great opportunity to review how your circumstances, both personal and financial, have changed. We can also advise on changes in the law and ensure your Will does what you think it does. There is no fee for the review and if you need a new document drawn up, we can give you an estimate during the review meeting. The Chancellor is delivering his first Budget on 11th March and it has already been predicted there will be some changes to the inheritance tax rules so this would be the perfect time for everyone to review their Will.
Hopefully you will be able to put the extra hours of daylight to good use whether it be getting your garden ready for the summer, spending quality time with your family or booking that long awaited holiday.