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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?

 

Is making a will complicated and expensive?

 

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

At present, the inheritance tax threshold is £325,000.  Any amount above this level is taxed at 40%. With rising property values, this threshold is easily passed, so it is very worthwhile to make plans now in order to ensure your loved ones receive the maximum possible benefit from any bequest you make.

 

Everybody's circumstances are different, but we may be able to advise you on ways to reorganise your assets in order to reduce the amount of inheritance tax payable on your estate - we may even be able to help you avoid it altogether.  

 

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?