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Inheritance Tax planning

Inheritance Tax - Are Your Loved Ones Liable For A Large Tax Bill?

Many of us will have a sound idea of who we'd like to leave our estate and possessions to when we die and that list of deserving people is unlikely to include the Taxman.

If you are single or divorced and the value of your estate is above £325,000 or, if you are married, in a civil partnership or widowed, above £650,000 your estate could be liable for a 40% tax bill on the excess. Your loved ones may be required to pay this tax before they can inherit what you want them to have.

Your estate can be made up of many items. Properties and cars are the more obvious possessions; but also your savings, investments, and jewellery are included in the value of your estate. When you add all your possessions together, you might be surprised by how much they are collectively worth. Future price rises, for example to house prices could increase your estate's value even further.

If you believe you might have an Inheritance Tax liability, you can't afford to delay addressing this potential issue.

Making a Will

To ensure that your partner's and/or family's inheritance is secure, it is important that you make a Will. If you do not, everything you leave will be allocated according to Intestacy Rules. As a result of this, your possessions may not be distributed as you would have wished.

What are Intestacy Rules?
Intestacy Rules apply should you die without having made a Will. Under these rules, assets are often passed to unintended beneficiaries, unwanted trusts with limited powers of investment can be created, and undesirable Inheritance Tax consequences may occur.
Intestacy commonly leads to a greater delay in obtaining a Grant of Probate than if a Will had been made, and may also be more complex and expensive to administer.

Lasting Power of Attorney

A Lasting Power of Attorney is a legal document. It allows you to appoint someone that you trust as an 'attorney' to make decisions on your behalf. Attorneys can make decisions for you when you no longer wish to or when you lack the mental capacity to do so.

A Lasting Power of Attorney cannot be used until it is registered with the Office of the Public Guardian.

 


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