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Frequently asked questions about Wills, Trusts and Inheritance Tax

Below are some of the questions clients ask our team. Click on the questions to find out more.

 

Why should I make a will?

This is by no means an exhaustive list, but some of the best reasons to make a will are:

 

To ensure that your loved ones inherit your assets as you would wish
If you do not make a legally-binding will, after your death your assets will be distributed according to the strict intestacy rules. These rules do not take account of the changing shape of modern families, and cohabiting partners do not automatically inherit, even where there are children in the family. In making a will, you can decide which of your relatives and loved ones will benefit from what you leave behind after your death. Making a will can give you the peace of mind of knowing that your assets will be distributed according to your wishes.  

 

To appoint people you trust to carry out your wishes
You can appoint the executors of your will - people who will ensure that your wishes are carried out. This could be very important, particularly if you think that there may be family disputes over your assets after your death.

 

To ensure your children's future with guardians you trust
If you have children, you can use your will to appoint guardians you trust to care for them in the event of your death.

 

Is making a will complicated and expensive?

 

What is inheritance tax and how can I reduce the amount payable on my estate?

 

When should I make a will?

 

Can I change my will, and how often should I review it?

 

What are the main tax benefits of setting up a trust?

 

Who should I appoint as trustees?

 

How long should the trust last for?

 

How are trusts taxed?

 

What is the threshold for Inheritance Tax?

 

Are there any exemptions from Inheritance Tax?

 

Can I reduce my Inheritance Tax liability by giving family members their inheritance before I die?

 

My partner and I are not married - how can we reduce our inheritance tax liability?