Wills - Inheritance Tax

 

Research shows that many people do not have a Will which exposes their family to complications and possible financial difficulties on their death.

There are advantages to instructing a Solicitor to draw up a Will.  Homemade Wills or Wills drawn up by Will Writers do not always comply with your exact requirements and can cause extra expenses when it comes to dealing with the administration of the estate.

A Solicitor can advise on the possible effect Inheritance Tax on your estate.  Inheritance tax is charged at 40% on assets more than £325,000 unless everything is left to a spouse.  Changes in the Inheritance provisions have allowed married couples or couples who have entered in the civil partnership to combine their individual allowances, so on the second death there is no Inheritance Tax payable on the first £650,000 of an estate.

This does not apply to unmarried couples as an estate over £325,000 will attract Inheritance Tax at 40%.

Often married couples assume that if they have not made a Will their estate will automatically pass to the other on death.  This is not necessarily the case depending on the value the assets.

Partners who are not married even if they live together and have children do not receive anything from your estate so a Will is essential to make sure they are adequately looked after.

 

 

 

23rd February 2019

Sarginsons Law