Planning your estate requires consideration of a number of issues, some straightforward and some a little more complicated.

At a basic level the completion of a will ensures that your assets are passed to those who you would want to benefit rather than simply following the laws of intestacy. This doesn't only apply to the larger assets such as cash and property but to personal chattels that may have sentimental rather than intrinsic value. It is not always an easy task to decide who to appoint as executors of the will especially as those appointed would normally also be trustees for minors. 

For those with dependent children the making of a will should also include nominating guardians to look after the children should both parents die. This is also not an easy decision as family members are not always most appropriate, but surely preferable to relying on volunteers or court appointments.

An issue that is affecting more and more people when they come to consider the way in which they pass on their assets is the subject of Inheritance Tax. With property prices continually rising, it is not difficult for the total value of assets to pass the current threshold of £300,000 beyond which Inheritance Tax is payable. 

Attitudes to Inheritance Tax vary but most feel quite passionate about leaving as much of their estate to their intended beneficiaries as possible and as little to the government as is absolutely necessary. After all, the estate has normally been built from income and assets that have already suffered taxation in one form or another.

There are a range of strategies that can be employed to mitigate Inheritance Tax, many of which call for a simple reorganisation of assets and the rewriting of wills. We work closely with a local family estate practitioner to ensure that our clients have clear and robust estate planning strategies.

Note:  The information concerning tax treatment is based on our understanding of current Inland Revenue law and practice.  Levels and bases of, and reliefs from, taxation are subject to change.  The amount of any relief will depend on individual circumstances.

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