The Three Essential Conditions You Must Meet

For a gift to qualify for the 'Gifts from Surplus Income' exemption, you must satisfy three crucial conditions:

1. From Income, Not Capital: Gifts must come from your regular income (pension, salary, dividends, etc.) after all your usual living expenses are paid, not from savings or asset sales. It's about genuine 'surplus.'

2. Must Be Regular: The gifts need to form a habitual pattern—monthly, quarterly, or annually—demonstrating a clear intention to make ongoing payments.

3. Maintain Standard of Living: After making gifts, you must still have enough income to maintain your usual lifestyle without financial strain or dipping into savings.

Remember, your executors will claim this exemption using form IHT403, so thorough record-keeping is vital.

We've noticed a lot of discussion online about the upcoming £10 increase to Lasting Power of Attorney (LPA) fees. Some people are genuinely annoyed about it, and we get that—nobody likes seeing costs go up. But we think the conversation is missing the point.

In this article, we'll explain what's actually changing, why it's happening, and—more importantly—why the protection an LPA gives you matters far more than ten pounds. By the end, you'll understand the new fees, but also why they shouldn't be the thing you focus on.

Are you considering Lasting Powers of Attorney (LPAs) but feeling overwhelmed by the varying costs and wondering what you're truly paying for? Many find the world of LPA costs confusing, especially with tempting cheap online options.

This guide breaks down the elements influencing LPA costs, emphasizing that true value lies in professional guidance that prevents future problems and ensures your documents genuinely reflect your wishes.

At Westwood Estate Planning, we offer a clear, fixed-fee service that includes an in-depth consultation, expert drafting, and unique ongoing support for your chosen attorneys.

Beyond our fees, a standard £82 government registration fee applies per LPA, with potential remissions. We explain why 'cheapest isn't always best,' detailing common pitfalls of DIY or very cheap LPAs, such as incorrect attorney appointments or procedural errors, which can lead to significant future costs and distress.

Our aim is to provide robust, legally sound LPAs, giving you profound peace of mind. Ready for clarity? Book a free, no-obligation 15-minute chat to discuss your specific LPA needs and discover how Westwood Estate Planning can help you secure your future with confidence

Have you ever thought about leaving a gift to charity in your Will?

This article explores the profound impact of charitable giving, highlighting how it can create a lasting legacy and potentially reduce your inheritance tax bill.

Join Gary Tonsley of Westwood Estate Planning, in partnership with Remember a Charity, as he delves into the benefits and emotional rewards of including charities in your estate planning. Discover how your generosity can continue to support vital causes and make a difference for future generations.

Stay tuned for more insights on charitable gifting and its benefits.

Ever wondered why you keep putting off making a Will? It's a common dilemma. Discover the top four reasons people avoid this crucial step, from thinking they're too young or don't have enough assets, to fears about cost, complexity, or even discussing death.

Learn why addressing these misconceptions can bring immense peace of mind and protect your loved ones from future financial and emotional burdens.