We all know that it is sensible to draw up a will but many of us just don’t get around to it, or think that preparing a will is tempting fate. However, having a properly prepared will in place is the only way to ensure that your assets are passed on after your death in the way that you wish.
A hastily or inappropriately prepared will can cause significant problems after death so it is vital that you obtain the best available advice from the outset.
Tax planning is a very important aspect of drafting a will. Many have described Inheritance Tax as a ‘voluntary tax’ because there are many circumstances where, through proper planning, it can be mitigated or avoided altogether.
Making lifetime gifts can be a useful means to save on tax. However, there are numerous rules to follow for gifts to be effective and many factors to take into consideration.
A Trust is another instrument that can be used to reduce your Inheritance Tax liability and to protect assets for family members. A great deal of legislation has been introduced on the taxation of trusts: they should not be created until sound professional advice has been obtained.
Our team can advise on all aspects of will and trust drafting, and efficient tax planning.