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IHT and Wills

IHT and Wills

Inheritance tax
Omni Lifetime Planning

We are pleased to offer a full estate planning service through our sister company Omni Lifetime Planning.  We offer a nationwide service covering all the services below and more.  You can find out more on the Omni Lifetime Planning Website here.

Inheritance Tax (IHT)

When a relative dies, and leaves an estate worth more than £325,000, families are required to pay 40% tax on the value of the money and property left to them over and above the £325,000 threshold.  This is known as inheritance tax (IHT).

 

Inheritance tax is no longer something only the well-off need to worry about. Each year, several thousand more estates are dragged into the IHT net.  Your estate includes all your assets, as well as property it includes savings and investments as well as life cover, bank accounts and physical property such as cars, furniture and family heirlooms.  This is why your estate could be considerably over the threshold without you even being aware of it.

 

To protect your estate from the tax man and to ensure your money goes to the people you care about most, now is the time to start planning.  We’ll help you understand the different options available to reduce your IHT liability. This could include lowering the amount of inheritance tax by reducing the taxable value of your estate by making gifts or investing in inheritance tax efficient products and services.

 

Trusts

An alternative to gifting is to consider using a trust which enables you to make a gift yet delay when the money is distributed. This allows you to stay in control of how and when money might be distributed.

 

With careful planning, you can have the access and control of the money you need to maintain your required standard of living, at the same time as providing for your loved ones and reducing the IHT liability on your estate.

 

Wills

New Intestacy rules came into effect at the beginning of October 2014, which change the way a person's estate is divided if they die without leaving a valid Will. These changes highlight why it’s never been more important to make a Will to ensure that you have the final say in who inherits your estate.

If you've made a Will but never updated it, you could even benefit people you no longer wish to favour.  We recommend reviewing any existing Wills at least every two or three years.

 

We’ll work with you to understand what is important to you before working out the IHT planning methods best suited to meet your requirements.  If you would like help with writing or updating your Will, we will be happy to introduce you to an experienced solicitor who specialises in preparing Wills. 

 

Call us today to see how we can help.

 

WILL WRITING, TAX AND TRUST AND INHERITANCE TAX PLANNING ARE NOT REGULATED BY THE FCA.

Our Services

Our Independent Financial Advisers offer a comprehensive range of financial services, tailored to your particular requirements. Click on the images below to find out more about the services we provide.