OTLEY AND DISTRICT MEN’S FORUM
Where There’s A Will, There’s A Relative.
Today was a family day: the speaker was the daughter of our President Keith Foster and she spoke about subjects important to families. Mrs Cathy Armitage, a qualified solicitor with Newstead and Walker of Otley, told us about Wills, Inheritance Tax Planning, Estate Administration and Care Cost Planning in her talk entitled “Where There’s a Will There’s a Relative”.
A “Will” is the only way to control your wealth after death: if made before marriage it will be revoked by subsequent marriage, and for it to remain a legal document if amended the amendment must be formal. These salient points along with the ability of executors to obtain Grant of Probate were explained to us as was the important point that since October 2007 the Nil Rate Band for Inheritance Tax could be passed from a deceased spouse to the remaining spouse thereby doubling the NRB available to that person. This in some cases has negated the need for a Trust.
The subject of the Cost of Care and Means Assessment ended this enlightening and informative talk with the news that the value of a house is not considered during Means Assessment.
first talk in May takes place at Otley Civic Centre on Thursday 14th
at 10-00am. Mr B Sutcliffe will tell us about an
“Outer Hebridean Adventure”. This will be
followed by a talk on Thursday 28th again at 10-00am in the Civic
Centre about “ Developing Education in