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.
Is making a will complicated and expensive?
What is inheritance tax and how can I reduce the amount payable on my estate?
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?
Your choice of trustee is very important and you should give the matter very careful consideration. The people you choose will be responsible for administering the trust's assets both for the benefit of your beneficiaries and for the trust itself, including taking care of tax payable on the trust. Your trustees should be people who can be relied upon to act fairly and responsibly, and use their discretion according to the beneficiaries' best interests.
You could act as a trustee yourself, as could your spouse if he/she is not a beneficiary of the trust. However, you may wish to a appoint additional trustees, such as a trusted friend or family member, or even an independent person, for example a solicitor or accountant.
How long should the trust last for?
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?
In this Section:
How Wills & Trusts can
help with Inheritance Tax Planning
Email the team:
wealthandwelfare
@switalskis.com
