For the family of people who either haven’t put a Will in place or who haven’t looked at their Will recently there has always been the Deed of Family Arrangement. This facility has allowed family’s to rearrange the deceased’s estate so as to make bequests in the way that the deceased would have done had they have had the opportunity. There is also the opportunity through a Deed of Family Arrangement to reduce the Inheritance Tax payable upon the deceased’s estate.
It is the ability of family’s to reduce Inheritance Tax payable after a family members death that is causing the Chancellor of the Exchequer to have sleepless nights. Accordingly in order to correct for this perceived ability for mass tax avoidance the Chancellor announced that legislation will be introduced to limit the use of Deed’s of Family Arrangement.
So what can you do about this? The answer is simple:
- If you don’t have a Will then get one. This is the case even if your estate isn’t large enough to attract Inheritance Tax. After all it’s your money and you not your family or the Chancellor of the Exchequer should say who gets what.
- Once you have a Will you should review it on a regular basis to make sure that it fully meets your needs to benefit those you wish to and minimise the Inheritance Tax that your Estate pays.
Whist I appreciate that thinking of our own mortality is not pleasant failure to do so will be even less pleasant for those you leave behind.
There are several kits available to help to write your own Will. There are many ways in which you could get the wording or signing of the Will wrong so whilst paying for a Will to be written by a Professional may seem expensive it is probably cheaper in the long run. If you want guidance on how to structure your Will and how to ensure that your Estate does not pay any more Inheritance Tax than is necessary then contact Nigel Reynolds by email at firstname.lastname@example.org or by telephone on 07885490484.