According to the 2016 Defra Farm Business Survey, over 60% of UK farming businesses have diversified. With more business ventures on farms likely in the future it is important to be clear on the impact any changes will have for inheritance tax purposes.
Most people we speak with have some form of hobby. This could range from card making or scrapbooking to providing local tours or participating in sporting events. Not all hobbies will generate income, but some can become their side business, whether intentionally or unintentionally.
One example growing in popularity, whilst not necessarily seen as a “hobby”, is the letting of spare space, or timing your holiday so you can let your home to provide accommodation to those attending major events nearby, for example Wimbledon tennis or the royal wedding at Windsor, providing additional income to families.
Most people want to decide their own way in life, so why do so many then leave things to chance when they die and choose not to make a Will? Only one in three people have signed a legally binding Will, yet surely their loved ones deserve to have some level of certainty in difficult times and also some guidance on their loved one’s last wishes.
I want to leave my estate to my spouse, but what happens if they re-marry or change their Will?
If you leave your estate to your spouse, they might change their Will after your death or re-marry and disinherit your children. This may be a concern if you have children from an earlier relationship.