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Inheritance Tax Planning & Trusts

House prices had seen dramatic increases until recently. As a result of these higher property prices, you may wish to consider Tax Planning in your Will, so as to reduce how much Inheritance Tax becomes payable upon your death.

If you are married or in a Civil Partnership, then any money or belongings passing to your surviving spouse or Civil Partner is free of Inheritance Tax. However, do not let this lull you into a false sense of security.

Inheritance Tax Planning in your Will can make significant savings, but does not leave the surviving spouse in financial difficulties.
Inheritance Tax Planning in your Will can make significant savings, but does not leave the surviving spouse in financial difficulties. The Trust fund is primarily for the benefit of the surviving spouse during their lifetime, but other members of the family or friends you may wish to benefit are listed as potential beneficiaries. Access to the Trust fund means that surviving spouse is not left without means to continue living comfortably

For many different reasons we are asked if we can help to "protect" the inheritance you leave by putting it into a Trust. For example, perhaps you wish someone to inherit from your Will, but they are very young or unable to look after money due to a disability or alcohol-dependency.

There has been much publicity regarding the proposed "transferable allowance" for Inheritance Tax. We believe that, even with these changes, there will still be many benefits to your family by including a Discretionary Trust in your Will. If you are concerned about this, please don't hesitate to give us a call!