What is Inheritance Tax?
Inheritance tax is a tax on the money, property, and possessions you leave behind when you die. In the UK, this tax is paid on the value of your estate – the total sum of your assets minus any debts and liabilities – when it exceeds a certain threshold. The rules and rates for inheritance tax are set out in the Inheritance Tax Act 1984, which forms the legal basis for how the tax is applied.
When Does Inheritance Tax Apply?
Inheritance tax typically becomes relevant when someone passes away and leaves an estate worth more than the current threshold, known as the nil rate band. As of the most recent guidelines, the standard nil rate band is £325,000. This means that if your estate is valued below this amount, no inheritance tax is due. If the estate’s value exceeds this threshold, the portion above £325,000 is usually taxed at 40%.
It’s important to note that certain exemptions and reliefs may reduce the amount of inheritance tax owed. For example, anything left to a spouse, civil partner, or a charity is generally exempt. There are also additional allowances, such as the residence nil rate band, which may apply if you leave your home to direct descendants.
How Is Inheritance Tax Calculated?
The calculation of inheritance tax involves several steps:
- Valuing the Estate: Add up all assets (such as property, savings, investments, and personal belongings) and subtract any debts or liabilities.
- Applying Allowances: Deduct the nil rate band and any other applicable reliefs or exemptions.
- Tax Rate: The standard rate of inheritance tax is 40% on the amount above the nil rate band. However, this rate can be reduced to 36% if at least 10% of the estate is left to charity.
For a practical example: if someone dies leaving an estate worth £500,000, and the nil rate band is £325,000, inheritance tax would be charged on £175,000 (the amount above the threshold).
Why Understanding Inheritance Tax Matters
Dealing with inheritance tax is a key part of managing someone’s wills and death arrangements. Understanding how the tax works can help you plan your estate more effectively, ensure your wishes are carried out, and potentially reduce the tax burden on your loved ones. Executors and beneficiaries should also be aware of their responsibilities, as HM Revenue and Customs (HMRC) oversees the collection of inheritance tax and enforces the relevant rules.
For more detailed information on the legal framework, you can refer directly to the Inheritance Tax Act 1984. If you’re looking for a straightforward explanation of thresholds and allowances, the nil rate band guide is a helpful resource. To understand the process from HMRC’s perspective, visit the HM Revenue and Customs (HMRC) overview.
Inheritance tax can be complex, but being informed helps you make better decisions about your estate and financial planning for the future.
Who is Responsible for Paying Inheritance Tax?
When someone passes away, inheritance tax (IHT) is usually paid out of their estate before any assets are distributed to beneficiaries. The person responsible for handling this process is typically the executor (if there is a will) or a personal representative (if there is no will). Their role is to gather information about the deceased’s assets and debts, calculate any inheritance tax due, and ensure it is paid to HM Revenue and Customs (HMRC). Only after settling any tax owed can the remaining estate be distributed to those entitled to inherit.
It’s important to understand that, in most cases, the cost of inheritance tax comes out of the estate itself, not directly from the individuals who inherit. This means beneficiaries usually receive their inheritance after tax has been deducted. However, there are some exceptions – if a gift was made within seven years of death, for example, the recipient of that gift could be liable for the tax on it if the estate cannot cover it.
The timing of inheritance tax payment is crucial. The tax is generally due within six months of the person’s death. If it isn’t paid on time, interest will start to accrue on the outstanding amount, and HMRC may also impose penalties. To avoid delays and additional costs, executors should aim to pay the tax as soon as possible. In some cases, it is possible to pay in instalments, particularly if the estate includes property or other assets that can’t easily be sold straight away.
Managing these responsibilities is a key part of estate administration, which covers the full process of dealing with the deceased’s affairs, from applying for probate to distributing assets and paying debts or taxes.
For those seeking the legal framework behind these rules, the Inheritance Tax Act 1984 sets out the laws governing who is responsible for paying inheritance tax and how it should be administered. Reviewing this legislation can provide further detail for those who want to understand the legal basis of inheritance tax liability.
Inheritance Tax Thresholds and Rates
Inheritance Tax Thresholds and Rates
Understanding the thresholds and rates for inheritance tax (IHT) is essential for effective estate planning in the UK. The rules determine how much of an estate is subject to tax and what allowances may be available to reduce the overall tax bill.
The Nil-Rate Band: Your Basic Allowance
The nil-rate band is the standard threshold for inheritance tax. As of the current rules, the first £325,000 of an individual’s estate is tax-free. This means that if the value of your estate (including property, money, and possessions) is below this amount, no inheritance tax is due. Any value above this threshold is typically taxed at 40%. For a detailed explanation of how the nil-rate band works and tips on maximising relief, see nil-rate band.
The nil-rate band has remained frozen at £325,000 for several years, so it’s important to consider how rising property prices and asset values may affect your estate’s tax position.
The Residence Nil-Rate Band: Passing on Your Home
If you leave your main home to your children or grandchildren, you may benefit from an additional allowance known as the residence nil-rate band. This extra threshold can currently add up to £175,000 to your tax-free allowance, potentially increasing your total tax-free threshold to £500,000. However, strict conditions apply, including who inherits the property and the overall value of your estate. For a comprehensive overview of how the residence nil-rate band works and how it can be applied, visit residence nil-rate band.
It’s important to note that estates valued over £2 million may see this additional allowance reduced or eliminated.
Standard Inheritance Tax Rate
Any part of your estate that exceeds the available thresholds (nil-rate band plus, where applicable, the residence nil-rate band) is taxed at the standard inheritance tax rate of 40%. In some cases, a reduced rate of 36% may apply if you leave at least 10% of your net estate to charity.
Combining Thresholds for Married Couples and Civil Partners
Married couples and civil partners benefit from special rules that can significantly increase the amount passed on tax-free. If one partner dies and does not use up their full nil-rate band or residence nil-rate band, any unused allowance can be transferred to the surviving partner. This means that, together, a couple can potentially leave up to £1 million tax-free to their children or grandchildren (combining both nil-rate and residence nil-rate bands).
To learn more about how being married or in a civil partnership can affect your inheritance tax position, you may wish to explore our page on marriage tax benefits.
Legal Basis and Further Guidance
The rules for inheritance tax thresholds and rates are set out in the Inheritance Tax Act 1984, which provides the legal framework for how inheritance tax is calculated, who is liable to pay, and what reliefs are available. Reviewing this Act can offer further insight into the specifics of the law and any recent updates.
Inheritance tax planning can be complex, especially when considering how thresholds and rates interact with your personal circumstances. For more detailed guidance, see our related sections on estate planning and wills, or consult the external resources linked above for authoritative legal information.
Exemptions and Reliefs That Can Reduce Inheritance Tax
Inheritance tax does not always apply to the full value of an estate. There are several exemptions and reliefs available in the UK that can significantly reduce the amount of inheritance tax (IHT) owed. Understanding these options – and planning ahead – can help ensure more of your estate passes to your loved ones or chosen beneficiaries.
Common Exemptions
Some gifts and transfers are completely exempt from inheritance tax:
- Gifts to Spouses or Civil Partners: Anything you leave to your spouse or civil partner is usually exempt from IHT, as long as they live permanently in the UK.
- Charitable Gifts: Gifts to registered charities are also exempt. If you leave at least 10% of your net estate to charity, the IHT rate on the remaining estate may be reduced from 40% to 36%.
- Other Exemptions: There are also exemptions for certain annual gifts, small gifts, and gifts made on the occasion of a marriage or civil partnership.
For a full list of statutory exemptions and their requirements, you can refer to the Inheritance Tax Act 1984.
Reliefs That Reduce Taxable Value
Beyond exemptions, some assets may qualify for reliefs that reduce their taxable value:
- Business Relief: If you own a business or shares in a qualifying company, you may be able to claim Business Relief. This can reduce the value of business assets for IHT by either 50% or 100%. The rules around this relief are complex and have been subject to recent changes – see Business Property Relief for the latest updates and practical guidance.
- Agricultural Property Relief: If your estate includes farmland or working agricultural property, Agricultural Property Relief may apply, reducing the taxable value of these assets by up to 100%. This relief is available under the Inheritance Tax Act 1984 and has specific qualifying criteria.
Using Trusts to Manage Inheritance Tax
Trusts can be a valuable tool for managing inheritance tax liabilities. For example, trusts created by wills can help you control how and when your assets are passed on, potentially reducing the IHT bill for your beneficiaries. The effectiveness of a trust depends on its structure and the timing of asset transfers, so it’s important to seek tailored advice.
The Importance of Planning
Making the most of exemptions and reliefs often requires careful planning. This can include structuring your estate, making lifetime gifts, and ensuring your will is up to date and reflects your wishes. Early planning can help you take advantage of all available options and avoid unnecessary tax.
If you haven’t already, consider making a will to ensure your estate is distributed according to your wishes and in the most tax-efficient way possible.
For further details on the legal framework behind these exemptions and reliefs, consult the Inheritance Tax Act 1984. Understanding your options and seeking professional advice can make a significant difference to the inheritance tax your estate may face.
How Inheritance Tax Affects Estates Without a Will
When someone dies without leaving a valid will, their estate is dealt with under the rules of intestacy. This means the law, rather than the deceased’s personal wishes, decides who inherits their assets. Intestacy can have a significant impact on inheritance tax (IHT) planning, often resulting in less favourable outcomes for families and beneficiaries.
How Intestacy Impacts Inheritance Tax
Inheritance tax is charged on the value of an estate above the tax-free threshold (the nil rate band), currently set at £325,000 for most estates. When a person dies without a will, the distribution of their estate follows strict intestacy rules, which may not align with the most tax-efficient arrangements. For example, assets that could have passed to a spouse or civil partner tax-free might instead be divided among relatives, potentially triggering an inheritance tax bill that could have been avoided with proper planning.
The Inheritance Tax Act 1984 sets out the legal framework for how inheritance tax is applied, including special reliefs and exemptions. However, these benefits are not always maximised when there is no will, as the law does not take into account personal relationships or intentions that fall outside the statutory order of inheritance.
Complications and Financial Consequences
Dying intestate can create practical and financial complications for those left behind. Without clear instructions, families may face delays and disputes over who should administer the estate and who is entitled to inherit. This uncertainty can make it harder to claim certain inheritance tax reliefs, such as the residence nil rate band, which may depend on assets passing to direct descendants.
Additionally, the default distribution under intestacy may mean that some beneficiaries pay more inheritance tax than necessary, or that vulnerable family members are left without adequate support. For more insight into the risks, see Intestacy Rules, which discusses the potential pitfalls of not having a will in place.
Managing Inheritance Tax Without a Will
Understanding intestacy rules is crucial for anyone dealing with an estate where no will exists. Executors (or administrators, in the case of intestacy) must apply these rules strictly, which can limit their ability to make tax-efficient decisions. While it is sometimes possible for beneficiaries to agree to a variation of the estate (a deed of variation) to reduce inheritance tax, this requires cooperation and may not always be possible.
To avoid these complications and ensure your estate is distributed according to your wishes while minimising inheritance tax, it is always advisable to make a valid will. For a deeper understanding of how intestacy can affect your loved ones and your estate, explore our section on Dying Without a Will (Intestacy).
By planning ahead and seeking professional advice, you can help ensure that your estate is managed efficiently, your loved ones are provided for, and inheritance tax liabilities are kept to a minimum.
Paying Inheritance Tax: Process and Deadlines
Paying Inheritance Tax: Process and Deadlines
Paying inheritance tax (IHT) in the UK involves a series of steps that must be followed carefully to ensure compliance with the law and avoid unnecessary penalties. Here’s what you need to know about the process, deadlines, and how inheritance tax can affect the distribution of an estate.
The Process of Calculating and Paying Inheritance Tax
Before inheritance tax can be calculated, the first step is registering a death. Only after this has been completed can the estate’s assets and liabilities be assessed.
To work out if inheritance tax is due, the executor or administrator must:
- Value the Estate: This includes adding up all assets (such as property, savings, investments, and possessions) and deducting any debts or liabilities.
- Determine Taxable Amount: The estate is only subject to inheritance tax if its value exceeds the current threshold (known as the nil-rate band). For most estates, this threshold is £325,000, but it can be higher in some circumstances.
- Apply Exemptions and Reliefs: Certain assets or transfers may be exempt or qualify for relief, such as gifts to spouses or charities.
- Submit an IHT Account: The executor must complete and submit the relevant inheritance tax forms to HM Revenue and Customs (HMRC), even if no tax is due.
For a detailed overview of the thresholds, rules, and allowances, visit HM Revenue and Customs (HMRC).
Once the estate’s value and the amount of tax due have been established, payment must be made before probate (the legal right to deal with the deceased person’s estate) is granted. In some cases, the tax on certain assets, such as property, can be paid in instalments over ten years, but interest may be charged on the outstanding amount.
Deadlines for Payment and Penalties for Late Payment
Inheritance tax is due by the end of the sixth month after the person’s death. For example, if the person died in January, the tax must be paid by the end of July. If payment is late, HMRC will charge interest on the outstanding amount.
It’s important to note that late submission of required forms or late payment of tax can also result in additional charges. For more details on the consequences of missing deadlines, see Penalties for late payment.
The relevant legislation governing these rules is the Inheritance Tax Act 1984, which sets out the legal framework for inheritance tax, including payment deadlines and the calculation of tax due.
How Inheritance Tax Affects Estate Distribution
Inheritance tax must usually be settled before the estate can be distributed to beneficiaries. This means that executors may need to use estate funds or arrange a loan to pay the tax upfront. In some cases, assets may need to be sold to cover the tax bill, which can delay the distribution process.
Understanding the estate administration costs involved, including inheritance tax, can help executors and beneficiaries anticipate the timeframes and financial requirements during probate.
The Role of HMRC in Inheritance Tax Collection
HMRC is responsible for assessing, collecting, and enforcing inheritance tax payments. Executors and administrators must submit accurate accounts and pay any tax due to HMRC within the specified deadlines. HMRC also reviews claims for exemptions and reliefs, and may request further information or conduct investigations if necessary.
For guidance on how HMRC manages inheritance tax, including thresholds, rules, and how to pay, refer to HM Revenue and Customs (HMRC).
By understanding the steps, deadlines, and the roles involved, you can better navigate the inheritance tax process and avoid unnecessary delays or penalties. If you need more detailed information on the legal requirements, consult the Inheritance Tax Act 1984.
Inheritance Tax and Funeral Costs
When someone passes away, one of the first financial matters to address is the cost of their funeral. Understanding how these expenses interact with inheritance tax (IHT) is important for anyone dealing with an estate in the UK.
How Inheritance Tax Treats Funeral Expenses
Funeral costs are considered a legitimate expense of the estate and are generally deducted before calculating inheritance tax. This means that the value of the estate is reduced by the amount spent on funeral arrangements, potentially lowering the IHT bill. These deductions can include reasonable expenses such as burial or cremation fees, a headstone, and the cost of the funeral service itself. However, expenses seen as excessive or unrelated – such as a lavish wake or memorial – may not be deductible.
For the full legal framework governing these rules, you can refer to the Inheritance Tax Act 1984, which sets out what can be claimed as allowable expenses when calculating the taxable estate.
Planning to Cover Funeral Costs from the Estate
In most cases, funeral expenses are paid directly from the deceased’s estate before any inheritance tax or other debts are settled. Funeral directors are usually paid from funds held in the deceased’s bank account, with banks often releasing money for this purpose even before probate is granted. If there are insufficient funds, family members may pay the costs upfront and later reclaim them from the estate.
When planning ahead, it’s wise to consider whether there will be enough accessible funds to cover funeral costs. Pre-paid funeral plans or dedicated savings can help ease the financial burden on loved ones. For more details on arranging and paying for funerals, see our section on funerals.
Managing Finances and Inheritance Tax After a Death
After a death, the executor or administrator must gather information about the deceased’s assets and debts – including funeral expenses – to calculate the estate’s value for inheritance tax purposes. Only after deducting allowable expenses, like funeral costs, is the estate’s taxable value determined.
If the estate’s value exceeds the inheritance tax threshold, currently £325,000 for most people, IHT may be due. The executor is responsible for ensuring the correct amount is paid to HM Revenue and Customs (HMRC), using funds from the estate. Keeping clear records of all funeral-related payments and receipts is essential, as these may be needed if HMRC requests evidence.
Key Points to Remember
- Funeral costs are deducted from the estate before inheritance tax is calculated.
- Only reasonable funeral expenses are allowable; extravagant costs may not be.
- Executors should keep detailed records and receipts for all funeral expenses.
- Planning ahead – such as with pre-paid funeral plans – can help ensure costs are covered and make the process smoother for loved ones.
For further guidance on inheritance tax rules, thresholds, and allowances, visit HM Revenue and Customs (HMRC). If you need more information about making funeral arrangements, our funerals page offers practical advice and support.
Inheritance Tax and Pensions
When it comes to inheritance tax (IHT) in the UK, pensions are often treated differently from other assets in your estate. Understanding how various types of pensions are handled after death can help you plan more effectively and potentially reduce the amount of inheritance tax your loved ones may have to pay.
How Pensions Are Treated for Inheritance Tax
Generally, most pension pots are not counted as part of your estate for inheritance tax purposes if they have not been accessed or drawn down before your death. This means that, in many cases, the value of your pension can be passed on to your beneficiaries without incurring IHT. However, there are important exceptions and rules depending on the type of pension and how benefits are taken.
Differences Between Pension Types
Defined Contribution Pensions:
If you have a defined contribution pension (such as a personal or workplace pension), the remaining funds can usually be passed on tax-free if you die before the age of 75, provided the funds are paid out within two years. If you die after 75, your beneficiaries may need to pay income tax on the money they receive, but not inheritance tax.
Defined Benefit Pensions:
Defined benefit (final salary) pensions may pay out a lump sum or provide a pension to your spouse or dependants after your death. Lump sum payments may be subject to different tax rules, and it’s important to check with your pension provider for specific details.
Annuities:
If you have used your pension pot to buy an annuity, the treatment depends on the type of annuity. Some annuities stop paying on death, while others may continue to pay a dependant or spouse. The tax treatment will depend on the terms of the annuity and when you died.
For a detailed comparison of how pensions are handled after death, including legal considerations and practical steps, see our guide on pension and family bereavement.
Legal Framework and HMRC Guidance
The rules around inheritance tax and pensions are set out in the Inheritance Tax Act 1984. This legislation outlines which assets are included in your estate and the circumstances in which pension benefits might be subject to IHT.
For example, if you transfer your pension to someone else or make significant changes to your pension arrangements while in ill health or within two years of death, HM Revenue and Customs (HMRC) may treat these actions as potentially chargeable transfers. This could bring your pension back into your estate for IHT purposes. For more on thresholds, allowances, and HMRC’s role in inheritance tax, visit HM Revenue and Customs (HMRC).
Planning Tips to Reduce Inheritance Tax on Pensions
- Nominate Beneficiaries: Make sure you have nominated your chosen beneficiaries with your pension provider. This helps ensure your pension can be passed on outside your estate and potentially free of IHT.
- Review Your Pension Regularly: Changes in legislation or your circumstances can affect how your pension is treated, so review your arrangements regularly.
- Consider When to Access Your Pension: Drawing down or transferring your pension while in poor health could affect its IHT status, so seek professional advice before making significant changes.
- Understand the Two-Year Rule: Benefits paid out more than two years after your death may be subject to IHT, so ensure your pension provider is aware of your wishes and your beneficiaries act promptly.
By understanding how pensions interact with inheritance tax, you can make informed decisions to protect your loved ones and make the most of available reliefs. For further details on the broader legal context, refer to the Inheritance Tax Act 1984 and official guidance from HM Revenue and Customs (HMRC).
Inheritance Tax and Potential Disputes
When dealing with inheritance tax (IHT), disagreements can sometimes arise among family members, beneficiaries, or executors. These disputes often centre on the interpretation of a will, the distribution of assets, or concerns that inheritance tax has not been calculated or reported correctly. Understanding how inheritance tax considerations can lead to disputes is essential for anyone involved in estate planning or administration.
How Can Inheritance Tax Lead to Disputes?
Inheritance tax is charged on the estate of someone who has died if its value is above a certain threshold. The rules can be complex, and misunderstandings about tax liabilities, exemptions, or reliefs can easily result in disagreements. For example, one beneficiary might believe they are unfairly bearing the tax burden, or there may be confusion about whether the estate qualifies for certain reliefs. Sometimes, disputes arise if a will is unclear about who should pay the tax, or if gifts made before death are not properly declared, affecting the overall tax owed.
Further complications can occur if someone feels that the will does not reflect the deceased’s true intentions, especially if changes to the will appear to benefit one party over others in a way that impacts the inheritance tax paid. These situations may prompt individuals to consider challenging a will and disputes, particularly if they suspect undue influence, lack of capacity, or improper execution of the will.
Common Reasons for Challenges
Disputes linked to inheritance tax usually fall into a few key areas:
- Fairness of Tax Burden: Beneficiaries may argue about who should pay the inheritance tax, especially if the will is silent on this point or if assets are distributed unevenly.
- Incorrect Valuation of Assets: Disagreements can arise if someone believes assets have been undervalued or overvalued, impacting the amount of tax due.
- Missed Exemptions or Reliefs: If the executor fails to claim available exemptions or reliefs, such as the residence nil-rate band, beneficiaries may feel they are losing out financially.
- Late or Incorrect Tax Returns: Delays or mistakes in submitting inheritance tax returns can result in penalties or increased tax, leading to disputes among those responsible for the estate.
For more details on how inheritance tax applies to wills and estates, you can consult a clear guide that explains these concepts in depth.
Resolving Inheritance Tax Disputes
The best way to resolve inheritance tax disputes is through open communication and, where necessary, professional advice. Executors should be transparent about how they are valuing assets and calculating tax. Beneficiaries who have concerns should raise them early to avoid misunderstandings escalating.
If disputes cannot be resolved informally, legal guidance is often essential. Solicitors can help interpret the will, apply the correct tax rules, and mediate between parties. In some cases, disputes may need to be settled in court, particularly if there are allegations of wrongdoing or if the estate is especially complex. The Inheritance Tax Act 1984 sets out the legal framework for inheritance tax, and understanding its provisions is crucial when dealing with contested estates.
For a comprehensive overview of how inheritance tax works, including thresholds, rules, and allowances, you can visit the official government resource on the Crown Court.
Inheritance tax and potential disputes can be stressful, but with the right information and support, most issues can be resolved fairly and efficiently. If you are facing a dispute, seeking early legal advice can help protect your interests and ensure the estate is administered according to the law.
Planning Ahead: Using Wills and Trusts to Manage Inheritance Tax
Planning ahead is one of the most effective ways to manage inheritance tax and ensure your wishes are carried out after your death. Thoughtful estate planning can help reduce the amount of tax your loved ones may have to pay, and provide peace of mind that your assets will be distributed as you intend.
The Importance of Making a Will
A will is a legal document that sets out how you want your estate to be divided. Without a valid will, your assets will be distributed according to the rules of intestacy, which may not reflect your wishes and could lead to a higher inheritance tax bill. By making a will, you can specify who inherits your property, money, and possessions, and take advantage of legal allowances and exemptions that help minimise inheritance tax.
Making a will also allows you to appoint executors – trusted individuals who will be responsible for managing your estate and ensuring that any inheritance tax due is paid correctly and on time.
Using Trusts to Protect Assets and Reduce Tax
Trusts are another useful tool in inheritance tax planning. By placing assets in a trust, you can control how and when your beneficiaries receive their inheritance, and in some cases, reduce the value of your estate for inheritance tax purposes. There are different types of trusts, each with their own tax implications and benefits.
For example, trusts created by wills can be set up to provide for children, vulnerable relatives, or to stagger inheritance over time. Certain trusts may qualify for special reliefs or exemptions, but the rules can be complex, and some types of trusts are themselves subject to inheritance tax charges.
Steps for Effective Estate Planning
To manage inheritance tax effectively, consider the following steps:
- Review your assets: Make a list of your property, savings, investments, and valuables to understand the size of your estate.
- Make a will: Clearly state your wishes regarding how your estate should be distributed and who should act as your executors.
- Consider trusts: Explore whether setting up a trust could help you protect assets and manage inheritance tax for your beneficiaries.
- Understand exemptions and reliefs: Take advantage of allowances such as the nil-rate band and residence nil-rate band, as well as exemptions for gifts to spouses, charities, or certain business assets.
- Keep records up to date: Regularly review your will and any trusts to ensure they reflect your current wishes and circumstances.
- Seek professional advice: Inheritance tax law is detailed and can change over time. A solicitor or financial adviser can help you navigate the rules and make the most of available reliefs.
Legal Framework and When to Seek Advice
The rules around inheritance tax, wills, and trusts are set out in the Inheritance Tax Act 1984. This legislation covers how inheritance tax is calculated, the exemptions available, and how trusts are treated for tax purposes.
Because inheritance tax planning can be complex – especially if your estate includes property, overseas assets, or business interests – it’s wise to seek professional advice. An expert can help you tailor your will, choose the right type of trust, and ensure your estate is structured in the most tax-efficient way possible.
Planning ahead not only protects your assets but also supports your loved ones during a difficult time, helping them avoid unnecessary stress and unexpected tax bills. For more guidance, explore our resources on making a will and trusts created by wills.
