As Inheritance Tax receipts have reached an annual increase of 16.6% and the new Government plan their reforms, it has never been more important to organise your affairs.
Having a well drafted Will can help you take full advantage of the inheritance tax thresholds and allowances. For example, as a married couple, if you leave your entire estate to your surviving spouse on first death, the whole estate qualifies for the spousal exemption. This means there is no inheritance tax to pay on first death and the unused allowance, which is currently £325,000 transfers to the surviving spouse.
On the other hand, without a Will, your spouse is only entitled to the first £322,000 worth of assets, and any additional assets are then divided in to two shares, one share for the surviving spouse, and the other share of biological children. This could mean that tax is payable on the portion of the assets passing to the children.
This is just one way in which a Will could save your family from inheritance tax. By speaking with one of our expert solicitors, they can advise you of your options to allow you to pass as much of your estate on to your chosen loved ones as possible.
To arrange an appointment please contact our team on 0161 330 6821 or email bromleys@bromleys.co.uk to speak to a member of our expert team.