Capital Gains tax does not just apply to properties, but also to shares not held in ISAs, parcels of land, holiday homes, works of art, jewellery and digital assets (ie cryptocurrency etc).
Challenging Intestacy and Inheritance Act claims may occur when immediate family or anyone who may be considered as such feels they have been wrongly omitted from a will.
If you believe that you have been wrongly left out of a will, have not inherited as a result of intestacy (dying without a will) or the financial provision within the will does not adequately support you, then you may be able to make a claim under the Inheritance Act 1975.
In the event that a claim of this nature is successful, it allows the Court to redistribute the estate and vary the entitlement under the will or intestacy rules.
The following individuals will potentially be eligible to make a claim under rules of inheritance:
- the spouse or civil partner of the deceased
- a former spouse or former civil partner of the deceased, but not one who has formed a subsequent marriage or civil partnership
- a child of the deceased
- any person (not being a child of the deceased) who was treated by the deceased as a child of the family
- any person (who does not fall into one of the above paragraphs) who immediately before the death of the deceased was being maintained, either wholly or partly, by the deceased.
A claim of this nature can only be made up to 6 months from the grant of probate or letters of administration (subject to certain exceptions). Therefore if you believe you are eligible to make such a claim, it is essential you consult with a legal advisor as soon as possible to protect your position.
Featured Insights
Have you thought that one day, when the time comes, you would like to keep your parents’ home in the family? Perhaps live there yourself? Even bring up a family there? You may even have had conversations with your siblings about how one of you would buy out the others. If this is something you are thinking about – you need to start planning now.
The Act brought in a form of protection to the leasehold flat by a Certificate Scheme but unless these certificates are granted at the right time, and in the right way, the protection can be lost. It is crucial that the correct Certificates are in place if you want to sell your leasehold flat, or if you wish to buy one.
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The expertise of our solicitors is regularly recognised by some of the profession’s most distinguished organisations. As well as being a member of a number of Law Society schemes, we have won awards at the Law Society Excellence Awards, the Halsbury Legal Awards and the Modern Law Awards.
We have also received recognition in the form of the Lexcel mark of quality, a Legal 500 listing and a place on the shortlist of The Lawyer’s Boutique Firm of the Year.
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