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Cheyney Goulding Solicitors

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Wealth Management

Contentious Probate

03/06/2025 by Graham Young

Disputes between family members over the estate of a deceased seem to be increasing .  A claim under the Inheritance ( Provision for Family Dependants )  Act 1975 allows certain individuals to contest a will or intestacy if they believe  they have not been adequately been provided for .

Potential claimants

  1. A spouse or civil partner of the deceased
  2. A former spouse or civil partner who has not remarried or entered into a new civil partnership.
  3. Children of the deceased , including adopted children and those born outside of the marriage .
  4. Individuals who were being maintained by the deceased immediately before their death.

A Claimant can claim if they believe the deceased did not make reasonable financial provision for them.

However,  there are strict time limits to make a claim . A claim must usually be made with 6 months from the date of the grant of probate or letters of administration .

The Court will consider the Claimant’s needs together with the deceased’s obligations to the Claimant along with the interests of other beneficiaries .

It should be noted that litigation can be a stressful , time consuming and expensive process . It is therefore important to consider other potential  ways of resolving any dispute such as mediation .

If you would like more information please contact Graham Young on 01483 796002 or by email gyoung@cheyneygoulding.co.uk

Filed Under: Wealth Management

The importance of drafting your will properly

22/04/2025 by Edward Pennington

When it comes to planning for the future, creating a well-drafted will is one of the most important steps you can take to protect your loved ones and ensure your wishes are respected.  When a will is not drafted properly it can lead to costly mistakes, disputes, and unintended consequences.

Why drafting your will properly matters

A properly drafted will establishes clear guidance for the distribution of your assets, the care of children, and any other important final wishes. This can spare your loved ones unnecessary confusion and conflict during what is often an already difficult time. It also ensures that your estate is handled according to your intentions. Without a valid will, your estate may be divided under intestacy rules, which can lead to outcomes you did not foresee or desire.

What are the rules of intestacy?

The rules of intestacy determine how a person’s estate is distributed if they die without a valid will. In England and Wales, these rules prioritize close family members, starting with the surviving spouse or civil partner, who may inherit the majority or entirety of the estate depending on whether there are children. If there are children, the spouse typically receives a portion of the estate, with the remainder divided among the children. Unmarried partners, stepchildren, and friends are not entitled to inherit under these rules, which can lead to unintended outcomes. If no close relatives are found, the estate may pass to the Crown. These rules highlight the importance of drafting a will to ensure your wishes are respected.

What is needed for a valid will?

To ensure a will is valid, it must include specific elements and adhere to legal requirements. Firstly, the will must clearly outline how your estate will be distributed, including the naming of beneficiaries and guardians (if applicable), as well as details about any trusts or specific gifts. It must also name executors who will be responsible for carrying out your wishes. To be legally valid in England and Wales, the will must be written, signed by you, and witnessed by two independent adults who are not beneficiaries or close relatives. You must have the mental capacity to understand the nature and consequences of the will, and it must be made voluntarily, without undue influence. Regular updates are essential to keep the will aligned with life changes and legal developments.

The pitfalls of a poorly drafted will

If your will is not carefully and correctly drafted, several pitfalls may arise:

  1. Ambiguities and misinterpretations
    Ambiguous language in a will can lead to disputes among beneficiaries. Misinterpretations may result in legal challenges, delays in probate, and resources being drained in court proceedings.
  2. Heightened risk of a contested will
    A poorly drafted will increases the likelihood of it being contested. Beneficiaries—or even those excluded from the will—may argue that the document does not reflect your true intentions. Claims of undue influence, lack of capacity, or errors in execution are common grounds for contesting a will. Even if the challenge is unsuccessful, it can result in significant stress, delays, and financial costs.
  3. Exclusion of assets or beneficiaries
    If a will does not account for all assets or beneficiaries, it may lead to feelings of exclusion or unfairness, which could also trigger legal challenges.
  4. Invalidity due to legal errors
    Each jurisdiction has specific requirements for a will to be considered legally valid. Errors, such as improper witnessing or signing, can render the will invalid and leave your estate to be governed by intestacy laws.
  5. Tax implications
    A poorly planned will may overlook estate taxes and financial implications, reducing the value of your estate for your beneficiaries.

How can we help?

At Cheyney Goulding we have extensive experience in advising individuals on wills, trusts and life planning. If you would like to discuss your options, please don’t hesitate to get in touch.

Contact:  Edward Pennington on 01483 796007 epennington@cheyneygoulding.co.uk or Nikki Perryman on 01483 796005 nperryman@cheyneygoulding.co.uk

This article is for general information only and does not constitute legal advice.

Filed Under: Wealth Management

Inheritance tax business and agricultural reliefs will be capped at a total of £1 million from April 2026.

12/12/2024 by Nikki Perryman

Major changes have been made by the Chancellor in the recent budget which impact the way in which farms and businesses can be passed to the next generation.

Current rules, before the 2024 Budget:

Business property relief

Where the conditions are met, 100% relief from Inheritance Tax (‘IHT’)  is available for unquoted shareholdings and interests in a business (whether owned as a sole trader or in partnership) located anywhere in the world. 50% relief from IHT is available for shares in a quoted company (where you have control of the company) and also for assets, such as land and buildings, used by your partnership or company.

Generally, you must have owned the shares or the business for at least two years prior to the gift (whether made during lifetime or on death). Certain types of activities and investments are excluded from relief, for example it’s not available if the business or company’s activities consist mainly in dealing in securities, stocks or shares, land or buildings, or making or holding investments.

Agricultural property relief

Where land in the European Economic Area, including the UK (limited to the UK only from 6 April 2024) has been occupied for the purposes of agriculture, the land and any ancillary buildings may benefit from relief from IHT at 100% or 50%, depending on who farms the land and how long the land has been owned.

Relief is given on the agricultural value of the land, which is taken to be the value of the property if it were subject to a permanent restriction prohibiting non-agricultural use. This may be lower than the full market value of the property (for example, where there is planning permission to build houses on the land).

However, business property relief may also be available, for example if you own the land and farm as a business yourself. This can be useful where the full market value of the land exceeds the agricultural value (agricultural property relief is given first).

Bad news from the Budget:

From 6 April 2026, the current 100% rate of relief will continue but only for the first £1 million of combined agricultural and business property for individuals and Trusts. 

Shares that are designated as ‘not listed’ on the stock exchange, such as AIM shares, will now only attract a relief of 50% rather than 100%

The rate of relief will be 50% for such assets above the £1 million threshold and for all ‘not listed’ shares.

The existing 50% rates of business and agricultural relief will continue where they currently apply (e.g. to farmland let before 1 September 1995) and will not be affected by the new allowance.

For certain trusts that were established before 30 October 2024, the £1 million allowance will apply to each trust. The £1 million allowance will be divided between trusts where a settlor sets up multiple trusts on or after 30 October 2024.

This means that many of the previous estate planning strategies are going to be ineffective. It is therefore important to take advice on the best way of arranging your financial affairs to reduce the Inheritance Tax liability of your business and estate.

We can also assist with alternative ways to reduce IHT for your family, including lifetime and Will Trust planning and we would be pleased to discuss these with you.

Contact  Nikki Perryman in our Wealth Management team on 01483 567676 or nperryman@cheyneygoulding.co.uk

Filed Under: Wealth Management

RHW Solicitors LLP – Wills

16/07/2024 by Tom Marshall

Please note that following the closure of RHW Solicitors LLP the wills held by them were transferred to us.  If RHW was holding your will and/or any related documents, please get in touch at legal@cheyneygoulding.co.uk

Filed Under: Wealth Management

Inheritance Tax

03/04/2024 by Phoebe Urquhart-Gilmore

Countless families grappling with substantial Inheritance Tax obligations following seven year rule misunderstanding.

Thousands of families have been shocked to face huge tax bills on lifetime gifts, resulting from the donor dying within seven years of making them.

The ‘seven year rule’ is often referred to when donors look to make gifts free from inheritance tax (IHT). The catch is, in order for these gifts to be free of IHT, the donor must survive seven years from the date of making the gift, hence their name “potentially exempt transfers” (PETs).

If you do not survive the seven year period, then the situation is more complex. Each of us have a current nil-rate band (NRB) of £325,000. This means that when you die, the first £325,000 of your estate is IHT free. If you make a PET which is equal to or below £325,000 then you do not need to worry about IHT. However, anything above this NRB will be subject to IHT, at the normal rate of 40 per cent. There is a tapering system which provides a discount on this normal rate depending on when it is you died within the seven years (see below).

For instance, if you die within 3 to 4 years of making the gift, the total IHT payable will be 32 per cent rather than the normal rate of 40 per cent. It is important to note that this is not applied directly to the value of the gift, rather, it is applied to the residue which is over £325,000. For instance, you make a gift of £400,000 and then die within the next 3-4 years. It is the remaining £75,000 that will be taxed, so in this scenario a total 32 per cent is taxable meaning £24,000 in IHT would be due. You can see how this can add up quickly and take away from a gift that you wanted to be fully enjoyed.

Period between the date of gift and the death of the donorTotal IHT payable including the discount
0-3 years40%- No discount
3-4 years32%
4-5 years24%
5-6 years16%
6-7 years8%
7+ years0%

None of us can know when we will die, it could be in 50 years or it could be tomorrow, but it is safe to say that most of us do not want the gifts we make to be taxed. This goes to show how important it is to start your estate planning early and do not get caught out by the seven year rule.

There are many straightforward steps we can take during our lifetime to reduce IHT and we would be delighted to discuss these with you. This article is for general information only and does not constitute legal advice. If you would like to discuss anything in this article, please get in touch with Nikki Perryman, a solicitor in our Wealth Management team on 01483 567676 or nperryman@cheyneygoulding.co.uk

Filed Under: Wealth Management

Contentious Probate: Causes and Protection

03/10/2023 by Graham Young

In recent years there has been a significant growth in challenges to Wills or entitlements to grants of representation.  This trend of increasing contentious probate cases emphasises the need for proactive estate planning and dispute resolution strategies.

One driver for these disputes lies in the complexities of personal relationships. Divorces, remarriages, and the blending of families can create volatile situations, making it crucial to address potential conflicts in estate planning.  Another is financial assistance provided to family members for education or property purchases.  This can inadvertently sow the seeds of discord upon one’s passing. The death of a family member may trigger suppressed tensions, compelling disgruntled heirs to contest the will.

Escalating property prices have also played a pivotal role in probate disputes. The substantial sums at stake in these cases can tempt beneficiaries into litigation.

To safeguard your estate from becoming embroiled in contentious probate, consider the following preventive measures:

  1. Consult with legal professionals to create a comprehensive will that aligns with your wishes.
  2. Ensure your will remains up-to-date and in accordance with changing legislation.
  3. Select executors who can responsibly manage your estate and mitigate conflicts.
  4. If disputes loom, seek legal advice before initiating court proceedings to explore amicable resolutions.
  5. Attempt mediation to resolve disputes, preventing costs and emotions from spiralling out of control.

The growth of contentious probate cases underscores the importance of proactive estate planning. These measures can help protect estates and promote family harmony in the face of challenging circumstances.

This article is for general information only and does not constitute legal advice. If you would like to discuss anything in this article, please get in touch. 

Filed Under: Wealth Management

Transfers of ownership/equity

10/01/2023 by

Filed Under: Wealth Management

Re-mortgaging and equity release

10/01/2023 by

Filed Under: Wealth Management

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Cheyney Goulding LLP is a limited liability partnership registered in England and Wales with registered number OC329864 and VAT number 641411771. The registered office and principal place of business is at Ward House, 6 Ward Street, Guildford, GU1  4LH. The members are G.R. Young and T.M. Marshall.

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