Protect Your Family

January–March 2025

Hi there,
Welcome to the latest edition of Protect Your Family! In this issue, we’ll explore updates in estate administration, big changes to death certificates in England and Wales, and key takeaways from the Autumn Budget 2024. Grab a cuppa and read on -there’s something for everyone here.

Estate Administration – Simplified

Handling a loved one’s estate can feel overwhelming, especially during an emotional time. But it’s also an honour—a testament to the trust and bond you shared. Our goal is to make this process as smooth and stress-free as possible.

What is estate administration?

In simple terms, it’s the process of gathering someone’s assets, paying off any debts and taxes, and distributing what’s left to the beneficiaries.

Here’s a quick jargon-buster to help:

• Grant of Probate/Representation: The official document allowing Executors or Administrators to act on behalf of the estate.
• Inheritance Tax (IHT): The tax on an estate’s value when someone passes away.
• Executor: The person named in the Will to manage the estate.
• Beneficiary: Anyone entitled to receive a share of the estate.

Big Changes to Death Certificates

From September 2024, death certification in England and Wales got a long-overdue update. Now, all deaths are reviewed by either a Medical Examiner or a Coroner.

Why this matters:

• Medical Examiners ensure the cause of death is accurately recorded and serve as a contact for bereaved families.
• The reform simplifies the old system, making it more efficient and reliable.

If you’re wondering how this might affect you or your family, we’re here to provide clarity.

Autumn Budget 2024: Inheritance Tax Shake-Up

Chancellor Rachel Reeves unveiled some major updates last autumn. Here’s the lowdown on her four-point IHT plan:

1. Nil-Rate Band (NRB) Freeze: The £325,000 threshold is frozen until 2030.
2. Pension Loopholes Closed: From April 2027, unused pension funds could fall within the IHT net.
3. Business & Agricultural Reliefs: Full 100% relief for the first £1m; 50% for amounts above that from April 2026.
4. AIM Relief: Reduced to an effective IHT rate of 20% starting April 2026.

What this means for you:
More estates could become taxable due to the frozen NRB and reduced reliefs. Proactive planning is now more critical than ever. Let us guide you through it.

Need Help? Let’s Chat!

Whether you’re navigating estate administration, adapting to the new death certification process, or planning to minimize IHT, we’ve got your back. Reach out today—we’re just a call or email away.