wills

Preparation of Wills and inheritance tax planning are incredibly important areas. Many adults in the UK do not have a Will and have no idea of the consequences of such a decision (which in some instances may well result in their estate passing to someone that they positively would not want to benefit and for whom they would have made no provision under a Will).

There is still for many people a reluctance to even discuss the making of a Will which arguably forces one to think about death/one’s own mortality. One of the main aims of a Will however is to ensure provision for loved ones and friends on death and thereby give (to the maker of the Will) peace of mind. 

Even those who have Wills should review them at perhaps 3 and 5 yearly intervals or at earlier significant other times such as on marriage or the registration of a civil partnership (which actually renders void any prior existing Will), divorce or dissolution or the birth or adoption of a child to ensure that they are still current and still accurately reflect their intentions and also that they still properly cover all of their assets held at that particular time. 

As inheritance tax is charged presently at 40% on the value of an estate over £300,000, clients may decide to make lifetime gifts (potentially exempt transfers) to family members to minimise potential inheritance tax or may want to think about nominating a partner or child(ren) to receive death benefits from policies in order to keep those proceeds out of their estate for tax purposes. 

<< back