Re-writing your Will
Do you have a Will? If so, when did you last revise your Will? Did you know that if you do not make a Will then how your money and property on death is divided by rules laid down by law? These could see your children and spouse and even parents sharing in your assets when you might simply have wanted everything to go to your husband or wife. Now is a good time to consider planning these matters.
Richard Hall a partner in Aldridge Brownlee Solicitors LLP says: -
“We can prepare a comprehensive Will for you and if your estate is valuable take advantage of the inheritance tax nil rate band. For example a father could leave the amount of that “band” to his children and his wife receives the balance. That means that when she dies, say, ten years later there is no inheritance tax to pay on what went to the children free of tax on the fathers death. The budget has tightened up some of the rules relating to trusts and at least one million existing Wills in the UK may need to be revised to take account of the changes. Many Wills contain a “trust” clause which might be caught and should be checked. It appears you Will still be able to write a life insurance policy into a trust and then when you die proceeds are not subject to inheritance tax so there is scope for some tax planning despite the changes. Also people’s circumstances change, their existing Wills can be revoked (e.g. on divorce) and a new Will can be a good idea.
Contact our Moordown office on 01202 527 008
Notes:
1. The changes to trust law in the Finance Bill have received extensive press coverage.
2. Information on and access to the bill is at: http://www.hm-treasury.gov.uk/consultations_legislation/leg_finance_2006/finance_bill_index2006.cfm
