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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?

 

When should I make a will?

 

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

You can change your will at any time, provided you are of sound mind.

 

Your personal and financial situation will change over time and you are likely to want to amend your will, or make a new one to reflect these changes. We would recommend reviewing your will every 5 years, or when there is a major change in your circumstances, for example:

  • having children;
  • divorce or separation;
  • starting your own business;
  • if one of your chosen executors or beneficiaries dies;
  • entering into marriage/civil partnership or moving in with someone.

Not many people know this, but getting married or entering into a civil partnership automatically revokes your will and you will need to make a new one.

 

If you would like to change your will at any time and for any reason, our helpful team are available to assist. Contact us to find out more.

 

 

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?