What exactly is Wills and Trusts planning?
Estate planning is the process of arranging your affairs in order for you to pass your assets on to your selected beneficiaries: usually your children and grandchildren. Ideally, it should incorporate plans to reduce or eliminate any potential Inheritance Tax payable.
The methods used should also ensure that assets left to children are not lost to the family due to future events such as divorce or becoming bankrupt. If you are in the millionaire asset group and haven’t already done so, you should strongly consider estate planning.
Wills and Trusts planning stages
Make sure that any of your assets that potentially exceed the Inheritance Tax allowance are passed into a trust at least seven years before the death of either you or your surviving spouse.
This should also take into account your own financial position and ensure that your lifestyle needs are met before any tax advice and estate planning proposals are put in place.
Wills and Estate IHT planning
Even if you do not believe you will have an Inheritance Tax problem, estate planning is still a sensible process to go through. At the very least, it ensures that the correct people receive the assets that you eventually want to pass on. It is also essential if you are a small business owner.
In addition, as the divorce rate currently exceeds 50%, it is probably prudent to ensure that your assets are passed into several trusts rather than directly to your children. The use of a trust should help avoid the assets leaving the family in the event of a divorce or potential bankruptcy of your children.
Why can’t I just write my own Will and do my estate planning myself?
You can if you choose to. The question is, ‘is this sensible practice?’ – Even if you are not part of the wealthy retired. If your estate is likely to be valued (at a minimum), in excess of £50,000, then the relatively small amount it would cost to correctly write your Will is worthwhile to avoid any possible challenges by other people in the future.
Property in trust to avoid inheritance tax
Trusts do not have to be expensive. Our trusts range from £300 to £5,200 depending on the type of trust arrangement you have and the purpose of it. Trusts and the legal wording involved is a very complex area and therefore experienced legal professionals with whom we work with closely should always be employed in this respect.
How to avoid paying Inheritance tax
Find the best way how to avoid Inheritance tax with the most comprehensive video course on UK Inheritance tax. This course is available FREE if you are interested in paying zero Inheritance tax and retaining your hard earned wealth for your family. Sign up now.
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