Deputyship and Power of Attorney
Understanding and planning for the future, especially when it comes to legal and financial matters, is important. In the UK, this often involves knowing about deputyship and power of attorney. Let’s break these down to make them easier to understand.
The Laws of Intestacy
The laws of intestacy, often referred to as the default rules of inheritance, these come into play when someone passes away without leaving a will. This legal situation, known as dying ‘intestate,’ can lead to a structured distribution of assets. These laws outline who gets what from the deceased estate.
Mitigating Inheritance Tax
Inheritance Tax (IHT) can be a significant burden on your estate, potentially reducing the amount you can pass on to your loved ones. However, there are a number of strategies you can use to mitigate your IHT liability and ensure your estate is distributed as you wish. In this article, we will explore some of the most effective ways to reduce your estate’s tax burden.
Exploring the Pros and Cons of QNUPS
A QNUPS (Qualifying Non-UK Pension Scheme) is a type of offshore pension scheme that is registered with Her Majesty’s Revenue and Customs (HMRC) in the UK. It is important to note that QNUPS are subject to strict eligibility criteria, they are also subject to certain contribution limits and may not be suitable for everyone, so it is important to seek professional financial advice before considering a QNUPS as part of your retirement planning strategy.
The Importance of Financial Succession
As an expat living abroad, you face unique challenges when it comes to planning. One of the most critical aspects of this process is financial succession planning, which involves identifying and addressing financial risks and opportunities that can arise in the event of your death or incapacity.