Inheritance Tax
Any Inheritance Tax liability must to be paid prior to your estate obtaining the grant of probate and being distributed.
This may mean assets (such as property or stocks and shares of investments) have to be sold to meet the Inheritance Tax liability.
Your taxable estate includes:
- all your assets (real estate and personal estate) including small-value items such as your home contents;
- any gifts you made in the 7 years before death;
- assets which are affected by your death but not owned by you (e.g. life interest in a trust);
- gifts with reservation of benefit. (Where legal ownership passes to a recipient but you have continued to enjoy the benefit of it at low or no cost). The 7 year period outlined above does not begin counting down whilst a gift is considered to be under a reservation of benefit.
When writing your Will, it is important to ensure that all reliefs and allowances have been used and any planning such as a Deed of Variation and setting up of trusts has been considered.
From Our Clients
My elderly mother wanted to rewrite her will and Jane was very understanding of her situation. Mum lives in a care home and Jane was happy to visit her there and discuss her requirements sympathetically. She went out of her way to facilitate the signing of the will, again at Mum’s care home.
I was so grateful that the whole process was made simple and easy for me through Jane’s open and professional manner and her impeccable efficiency. The whole process from me making the initial phone call to my will being completed only took a couple of weeks.
Extremely informative and supportive, explained anything I wasn’t sure of and made sure every option was covered.