The loss of a close relative can be traumatic, and things can be very much worse if there are financial questions. Probate is the process of answering those questions and conjures up images of Dickensian courtrooms, long and protracted legal arguments and delays, where long lost relatives fight over assets and everybody loses apart from the lawyers.
There is something else we need to look at – planning how we will transfer our wealth to the next generation when we will be using it no more. This is estate planning. Like every other aspect of finances, in the wake of the coronavirus, it may need a fresh look.
According to the government’s last review into pension tax relief, its primary purpose is to strengthen the incentive to save. But what exactly is pension tax relief, how does it work, and can you make it work any harder?
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