Where there's a Will
A Will is a simple document which can:
- Help you beat the taxman from beyond the grave
- Ensure the financial security of those grieving for you
- Give yourself peace of mind for the rest of your life.
Not having a valid Will can cause hardship for those who survive
you.
A spouse or dependant children do not automatically receive
the estate if there is no will.
Doesn't it make sense therefore, to give us a call and book
an appointment today while you are still able?
The 'tax-efficiency' of your Will
A will provides an important opportunity to plan legacies in
a tax-efficient manner.
For example, a gift to the spouse is normally exempt from Inheritance
Tax (IHT) on death, but is added to the surviving spouse's estate,
which is likely to increase the IHT liability on their death.
However, making provision in your Will for gifts to others (for
example, children or grandchildren, or to a trust for family
members, including the spouse) can save up to £105,200
of
tax on the first death using the 2004/05 IHT rates.
Lifetime IHT planning
There are also IHT planning opportunities during your lifetime.
For example, most lifetime gifts are exempt from IHT if you live
for seven years after making the gift. Creating a trust for family
members can allow you to reduce your estate for IHT purposes,
but still retain a degree of control over the trust fund, and
who should benefit from it.
These are potentially complex areas so you will need specific
professional advice on wills and IHT. Appletons will be delighted
to advise you on your particular circumstances.
