Wills and inheritance tax
None of us want to face the fact that we will not always be here. However, the problems we leave behind for our family and friends if we do not make a Will can be great. Everyone has a horror story of the uncle who did not make a will and everything went to a distant cousin while the niece who cared for him was left with nothing. This can be avoided by making of a Will.
Wills can not only be used to remember friends and family but also as tools to take advantage of Inheritance Tax laws, but it is essential to get independent legal advice from a specialist in tax and estate planning. If your total estate is worth more than £285,000 then IHT may be applicable to you. The general rule is that up to this amount, no IHT is payable but for anything over, it is payable at 40%! Do your sums (or use our online calculator). Are you affected? If so, there are things we can do to limit your burden, so please talk to us about this. With the right advice and careful planning, you can reduce your potential inheritance tax liability. If we can save you thousands in tax, then our bill is worth it!
These days, people also want to make provision for what happens while they are still alive by using Living Wills and Powers of Attorney. A Living Will is designed to take effect at some future date in someone's life. It is a statement of wishes made by somebody giving the circumstances in which they do not wish to continue with medical treatment. For a Living Will to be effective, strict formalities must have been complied with. It is therefore very important to take proper legal advice before making a Living Will.
A Power of Attorney is a useful document. Whether you are elderly, out of the country frequently or just finding it difficult to get about these days, a Power of Attorney can be of assistance to you. It allows you to appoint someone you trust to act on your behalf in connection with a specific job or in connection with all your affairs. This could mean that your son or daughter can help with your finances by signing important documents for you, paying your bills or collecting your pension.
Making your Will, Living Will or Power of Attorney will give your peace of mind and perhaps save you a lot of money - so, isn’t it time that you put your life in order?