Inheritance Tax (IHT) is a tax charged on what you own when you die. Practically everything a person owns when they die is relevant for IHT purposes.
Did you know that IHT is payable at a rate of 40 per cent on the value of a person’s estate over £325,000? There are exemptions and reliefs available to reduce the tax liability, and considering the approximate value of the estate when drafting a Will can be a useful way of mitigating this liability.
Further, administrative clauses in your Will can relax strict statutory rules which may cause practical difficulties for your Executors/Trustees in relation to the administration of your estate which is particularly relevant where you have children and/or a business.
Property is often the most valuable asset an individual owns. In planning for your future and that of your loved ones you may wish to make changes to the way your family’s property is held. Our expert conveyancing department is on hand to provide any advice and assistance you may require regarding this.