It is estimated that up to two thirds of the population do not have an up to date will. It is more important than ever to make a will. The decline in the marriage rate, increasing divorce rates, cohabitation and civil partnerships mean that the rigid legal rules applying to those that die intestate are increasingly out of date. The rules are just as inadequate when applied to the ‘standard married couple with 2.4 children’; and do not provide adequately for the family which may mean the family home must be sold. Making a will is easy and relatively inexpensive.

Making a will is one of the most important ways of avoiding inheritance tax. Inheritance Tax doesn’t just hit the ‘very rich’. Due to the recent rise in house prices, the vast majority of homeowners may now have to pay this tax after their death. Currently, Inheritance Tax is charged at 40% on the value of your estate over the threshold (presently £312,000). Your estate is the net value of everything own including your home, savings and investments, life policies, etc. Without proper planning, many people can leave a substantial tax liability on their death that could have been greatly reduced or avoided altogether. This may considerably reduce the amount that you leave to your family.

Some tax planning can be extremely simple and cost nothing but be very worthwhile. Other measures may be a little more complex but the rewards can be even greater. We are here to make you aware of the options available to you and assist where required. We will review your circumstances with you, advise you as to your tax planning opportunities and give you an indication of the legal costs involved usually working to a fixed fee.

For further information please contact us.