UK households risk paying “unnecessary” inheritance tax bills to HMRC. Having no Will could lead to an unwelcome distribution of assets at death, it has been warned, as we head deeper into the New Year and beyond Christmas.
Ian Dyall, Head of Estate Planning at Evelyn Partners, explained that estate planning is about a lot more than just inheritance tax, it’s a “peace-of-mind strategy to help families pass on wealth in the best way”, one that meets as many of their needs and objectives as possible.
He warns that more families will face inheritance tax in coming years, requiring immediate action as the rule could really undermine many families’ current plans for transfer of wealth. Those who fail to plain leave themselves exposed to “quite significant tax bills,” Dyall said.
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Mr Dyall said: “If you don’t have a Will then making one is often a huge step in establishing financial security and peace of mind for your family – especially if you can get your solicitor to work closely with a good financial planner.
“This can prevent unnecessary stress and even disputes for the administrators and beneficiaries of an estate and could save them having to pay unnecessary inheritance bills.” Mr Dyall added: “Even where Wills are in place, and especially if they were made some time ago, make sure that they still do what you want them to, and that new tax rules do not require a rethink.”
Mr Dyall said: “Now is probably the time to think about a longer-term gifting plan rather than making ad hoc handouts, ideally with the assistance of professional advice.” Wills can be found for free during Free Wills Month, Martin Lewis has previously explained.
“Using a solicitor means you have more protection if something goes wrong – which may not become apparent until decades later, and after you’re dead. So if you want to be on the safe side, this is likely your best option. Using a solicitor can be expensive, but there are ways you can cut the cost, ranging from charity-based schemes,” BBC and ITV star Mr Lewis said.