Estate Planning

Planning for after you're gone is not something that anybody likes to contemplate but is important to consider as an essential part of financial planning. It doesn't matter whether the estate is considered small or even sizeable, there are potential tax liabilities to think of, amongst other issues, including where your money ends up after you pass.

We are pleased to offer our wealth of experience in assisting clients in arranging their estates to help distribute their assets according to their wishes whilst also minimising any exposure to the potential inheritance tax that could arise.

A huge majority of the population in this country assume that everything they own will pass to their partner when they die and have not written a will. This is in fact not the case and if you die without a will, your estate is subject to the Laws of Intestacy. This could potentially result in your partner or spouse receiving a lot less than you may have expected. Leaving a will counteracts this and ensures that you are in control of what happens to your money and how it is distributed.

Inheritance Tax Planning

Inheritance tax is paid on any person's estate when they pass away, along with any trusts or gifts made during that person's lifetime. Some people do not have to pay the tax if their estate is valued below the threshold of £325,000 (2015-16), however any excess over the threshold is taxed at a rate of 40%.

In order to find out if your estate is over the threshold you need to total up the value of the estate including things such as property, investments, cash and possessions, and then deduct any debts that the deceased owes such as bills. This can be an arduous and often confusing task, but we can help you plot your way through the inheritance tax minefield.

There are also ways of reducing your potential inheritance tax bill, from using various gift exemptions to giving to charity. We are here to outline the options available to you to maximise the money you can leave to your nominated beneficiaries.

Get in Touch

Have you got questions about inheritance tax? Do you need to make sure your financial affairs are in order? Contact us today and our experienced team will guide you through the process.

Wealth Management