Are Inheritance Tax and Probate part of your considerations for the future?

In recent times, with the pandemic upon us, I expect we have all considered our own mortality in some form.  Being faced with a potential threat to life often forces us to switch to 'survival mode', but have you considered how your loved ones would survive should the worst happen to you?  Effective Inheritance Tax planning can help with the Probate process, making it less stressful for your loved ones should this happen.

Think

There is a lot to consider when thinking about our personal affairs.  In particular, thoughts such as:

• Do I have everything in place to look after my loved ones?
• Is my will up to date?
• Has legislation changed, or family circumstances changed?
• Is it clear, in larger families, what is owned and by whom?

Now is a good time to review your own Inheritance Tax position, and give some thought to your wishes.  HMRC provide some useful guidance.

Review

An Inheritance Tax review is a process that provides an overview of your assets, including land, property, savings and investments.  It helps to provide a clear statement of your estate.  It provides an opportunity to ask any questions relating to the estate whilst you still have the chance. Whilst preparing the Inheritance Tax review, it is an opportunity to review your will, to ensure it enables your wishes to be carried out, and any tax consequences of these are considered fully.  It is a chance to review the wording is correct within the will to ensure the appropriate tax elections are available.  This can often be overlooked. There may be other tax efficient plans that can be put in place now, which will be highlighted through this work.

What can you do about it?

We are able to assist you and your family to the very end step of the probate process.  This is the legal and financial processes involved in dealing with the property, money and possessions (also called the assets) of someone who has died.  Haines Watts can help you with effective Inheritance Tax planning and the Probate process from start to finish.  You can find more information here. For existing clients that we already handle tax affairs for, we’ve got all the knowledge and information needed to ensure that all the detail is being followed during probate and all the relevant reliefs are being granted by HMRC. 

Talk to your Haines Watts expert to see how we can help.