If you die intestate i.e. without writing a Will, the government decide who gets your assets and how much of them. With property prices high and the inheritance tax threshold low, many of us are leaving behind an inheritance tax liability to our loved ones.
Having a Will in place makes the financial burden much easier for those you leave behind. Dealing with intestacy tends to be a long and arduous process, as well as stressful for those involved. They should be able to mourn in peace but instead they are worrying whether the state will take away your assets.
We strongly recommend that all our clients have a Will in place and that this is reviewed regularly as your circumstances change. If you do not have a Will or have not reviewed yours for a while we will refer you to a professional Will Writer.
Inheritance tax planning
“I’ve worked hard my whole life, I’ve paid taxes on my income, my house, my purchases, why should my children have to pay 40% tax on what I leave them?”
It’s one of the questions we get asked regularly and one we cannot answer. The government set the rules for taxation and we have to abide by them. However, with the right advice you can minimize the amount of inheritance tax that your loved ones will have to pay, potentially saving hundreds of thousands of pounds.
Note: The Will writing promoted here is not part of the Openwork offering and is offered in our own right. Openwork Limited accept no responsibility for this aspect of our business. Will writing is not regulated by the Financial Conduct Authority.
HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen