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News

Fergusson Law shares their latest news, the latest legal news and provides some legal advice on this blog.

Rik Mayall made no will. ..... Big tax bill

Read how Rik Mayall's family had a tax bill Click here to read a Telegraph article

How to reduce tax on your family assets.  First make a will.

  1. Give it all to your spouse
  2. Give it to your children or grandchildren and survive for seven years
  3. Put the assets in Trust
  4. Invest in AIM shares
  5. Give your income away

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Powers of Attorney - Avoid the Problems

The Financial Ombudsman Service (FOS) published tips today, 4 February, to help banks and consumers avoid problems when supporting people who are losing the capacity to manage their finances. Complaints about Powers of Attorney are on the rise.

On average the body is receiving 30 to 40 new cases every month, up from 25-30 last year, often involving highly distressing situations.

Most of the issues relate to misunderstandings about what powers have been granted.

However, the FOS says most of these grievances could have been avoided by consulting a competent solicitor. The FOS is issuing new advice for bank staff and donors registering or appointed representatives that hold a Power of Attorney, to help alleviate the tensions.

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Children's inheritance threatened by new rules

New Rules which come into force on Wednesday 1 October 2014 mean children of a wealthy parent who dies in England or Wales without a will may lose out on their inheritance.  The Rules here in Scotland may still mean your assets go to people you never intended to have them. Talk to us now about making a Will