Estate Planning

Question 1

Under rules of intestacy, what is the remaining spouse entitled to?

Answer 1

a surviving spouse is entitled to the deceased’s personal belongings, a fixed sum of money (currently around £322,000), and half of the remaining estate if there are children; if there are no children, the spouse inherits the entire estate.

Question 2

Cost of Killik Will for single and couple?

Answer 2

£320 single £380 couple (420)

Question 3

Cost of Killik LPA

Answer 3

£350 +£82 Office of Public Guardian fee

Question 4

Killik Tax return costs?

Answer 4

£250

Question 5

When adding a POA for a client, what must you provide

Answer 5

Certified POA, account amendment form, ID and address verification for Attorney

Question 6

Tapering of the estate

Answer 6

Taper by £1 for every £2 over 2mil

Question 7

Agri Property Relief and Bus prop relief changes

Answer 7

For APR and BPR from 6 April 2026. The 100% rate of relief (40%) will continue for the first £1m of combined agricultural and business property, falling to 50% (20%) thereafter. Qualifying AIM shares in all circumstances will benefit from IHT relief at the reduced rate of 20%.

Question 8

Wills - marriage v divorce

Answer 8

marriage revokes a Will, divorce does not

Question 9

Two types of LPAs

Answer 9

Property & Finance
Health & Welfare

Question 10

How long are the NRBs frozen for

Answer 10

until 2030

Question 11

Budget AIM shares

Answer 11

From 6th April 2026 - Business Property Relief on AIM shares will be 50%, so the effective rate of IHT paid on AIM qualifying shares will be 20%, assuming the portfolio is fully invested for over 2 years

Question 12

IHT Mitigation options

Answer 12

lifetime gifting using allowances
capital gifts above allowances
Family investment companies
trusts
BR qualifying investments
life insurance