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Give to charity and the tax man pays!

17th Sep 2012
Today sees the start of ‘Remember a Charity Week’ which seeks to bring awareness about the importance of charitable gifts in Wills. ...
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Give to charity and the tax man pays!

17th Sep 2012

Give to charity and the tax man pays!

Pavilion Row is a supporter of ‘Remember a Charity’. Today sees the start of ‘Remember a Charity Week’ which seeks to bring awareness about the importance of charitable gifts in Wills.

Did you know that whilst 75% of people give to charity in their lifetime only 7% leave anything in their Will?

Following recent changes to inheritance tax (IHT) it is worth remembering when giving to charity there are tax advantages now available. If you plan to give 4% of your net estate to charity you can increase the gift to 10% without reducing the amount of inheritance the other beneficiaries receive. The tax man pays the difference!

From April 2012 IHT is reduced from 40% to 36% for people who leave at least 10% of their net estate to charity. This lower rate can only apply if part of the estate is chargeable to IHT at 40%. For example:


Example 1 Example 2
Net Estate £100,000 Net Estate £100,000
Charity Receives 4% £4,000 Charity Receives 10% £10,000
Remainder to be taxed £96,000 Remainder to be taxed £90,000
Tax at 40% £38,400 Tax at 36% £32,400
Inheritance for other beneficiaries £57,600 Inheritance for other beneficiaries £57,600

 

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Solicitors Regulatory Authority (SRA) fails to act against those writing bad wills

26th Jun 2012
The SRA is failing to take action against solicitors who produced sub-standard wills. ...
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Solicitors Regulatory Authority (SRA) fails to act against those writing bad wills

26th Jun 2012

The SRA is failing to take action against solicitors who produced sub-standard wills for their clients according to Elisabeth Davies, Chairman of the Legal Services Consumer Panel.

In a letter to the Legal Services Board she states “Our jointly commissioned research found that solicitors and unregulated will-writers were equally culpable for producing sub-standard wills. However, while we are heartened by trade association initiatives to correct problems, we are unaware of any action to date by the SRA.”

The pressure for regulation continues. Ms Davies also states in the letter “We are acutely conscious that consumers will continue to lack adequate protections until regulation is introduced so it is important that this happens speedily. I know that the LSB is aware of this and will work with colleagues at the Ministry of Justice to make progress as quickly as possible.”

References

Legal Services Consumer Panel

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Will-Writing, STEP demands proper protection for consumers

29th Nov 2011
STEP has published a very helpful leaflet stating their views and position. ...
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Will-Writing, STEP demands proper protection for consumers

29th Nov 2011

In response to the ongoing investigating into the need to regulate will-writing and the associated fields of probate and estate administration STEP* has published a very helpful leaflet stating their views and position.

The leaflet outlines;

  • some of the current problems in the will-writing market
  • what STEP is doing to give consumers confidence they are dealing with well-qualified, reputable practitioners
  • how STEP plans to participate in future regulatory initiatives

An extract taken from the leaflet, which is titled ‘Building Consumer-Confidence in Will Writing’, states:

“Inevitably, the process of putting effective regulation in place for the will-writing and estate administration markets will take some time. In the meanwhile, the legal services market continues to change rapidly, not least with the arrival of alternative business structures widening the options for how legal services providers can be owned and potentially opening the way for an array of new entrants into the marketplace. STEP therefore decided early on that it needed to take measures to reassure consumers using STEP Members that they were dealing with practitioners with both proven standards of technical competence and a commitment to a strong professional code of conduct.”

The full leaflet can be found on http://www.step.org/pdf/WillWriting_WEB.pdf

At Pavilion Row all our client advisers, will drafters and probate administrators are qualified through STEP. We also follow and are committed to STEP’s professional code of conduct.

*STEP (The Society of Trust and Estate Practitioners) is the worldwide professional body for practitioners in the fields of trusts and estates, executorship, administration and related issues.

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Pavilion Row backs the findings of the will-writing investigation run by the Legal Services Board

9th Aug 2011
Pavilion Row has always supported regulation. ...
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Pavilion Row backs the findings of the will-writing investigation run by the Legal Services Board

9th Aug 2011

The will-writing industry has commanded a lot of press attention over the last few weeks. This is a result of a report published by the Legal Services Board Consumer Panel recommending that the industry should be regulated.

A key concern arising from the report was the poor technical quality of the wills. One in four of wills examined by the panel were found to be inadequate. It states “the same proportion of wills prepared by solicitors and will-writing companies were failed”.

Angus Houston TEP, Pavilion Row Ltd states that “The report demonstrates the strong need to standardise the level of qualification a professional needs to provide will services. This is something that I have advocated for some time.”

Will-writing forms part of the specialist area of trust and estate planning. Currently the only professional body in this field is the Society of Trust and Estate Practitioners (STEP) and true specialists in this area are members of STEP. Full members of STEP can be identified by ‘TEP’ after their name.

STEP has also recently launched an industry recognised exam for will writers providing a benchmark qualification in this area of law.

When looking for somebody to advise on and prepare your will Pavilion Row recommends that you use only a full member of STEP or somebody who has passed the STEP will preparation exam. A professional with these qualifications will be able to provide a copy of the STEP certification if requested.

Pavilion Row’s objective has always been to provide best advice to our clients therefore all our will consultants are STEP members or have passed the STEP will preparation exam.

-Ends-

For more information please contact Angus Houston, CEO Pavilion Row on 0845 634 4185

Note to Editors

1. Pavilion Row are specialists in the field of probate and wills. We provide probate and will administration services to professional introducers including solicitors, accountants and other financial professionals. For more information about Pavilion Row Ltd see www.pavilionrow.com.

2. The Legal Services Consumer Panel full report on regulating will-writing can be found on; http://www.legalservicesconsumerpanel.org.uk/publications/research_and_reports/index.html

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