If you live locally in Fulham or Chelsea your property interests alone are likely to create a serious liability for inheritance tax. Making a will is the only way to ensure that the Inland Revenue receives as little of your estate as it is legally entitled to.
It is also the only certain way to ensure that your spouse, partner, family and loved ones inherit according to your wishes. This is particularly vital where there has been a second marriage and extended families to provide for.
Woodfords has particular expertise in inheritance tax planning. As well as reducing the tax burden on your survivors, through your will you can:
- provide for your partner if you are not married or in a civil partnership
- safeguard the interests of your children by appointing legal guardians to care for them if you and your spouse should have an accident. You can specify what age your children should inherit and who should administer their entitlement until this time
- protect your business interests and direct them in such a way as to benefit from business property relief
- ensure that family heirlooms remain within the family and leave gifts to friends and family
- help your favourite cause through a tax-free donation to charity
- set out any wishes regarding your funeral
It is very distressing for a family to have to handle an estate where there is no will. In these instances only £250,000 worth of assets will pass to your spouse if you have children and your other possessions will be distributed according to intestacy rules.
If you have already made a will it is vital to keep all affairs under review to stay on top of any changes in circumstances and any alterations to taxation laws. We strongly recommend that you ask us to review your will every five years.
We can also advise you on specialist trust schemes such as:
- Employee Benefit Trusts
- Family Trading Trusts for Land Deals