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Whilst £325,000 may seem a large sum, the average price of a property in the UK is approximately £220,000, with huge geographical variations. If a single person owns a property at that level, and then inherits a similar sum from their parents, suddenly, their estate is worth around £440,000. This “waterfall effect” would result in a Tax payment of £46,000, and that’s before factoring in any savings, holiday home or investment property, life insurance, pensions, shares, Death in Service benefit etc.
In addition to the loss of Inheritance Tax after your death, your assets may be the subject of claims during your lifetime from various sources, such as family members, past partners/spouses, creditors, and even the State, in pursuit of Residential and Nursing Home fees. Consequently, it is not just advisable, but crucial, for your long term security and the legacy you wish to leave your family, that you obtain Estate Planning advice which is appropriate to your family and financial circumstances.
Action can be taken to mitigate these losses with prudent and timely Estate Planning. We can offer advice, appropriate to your specific circumstances, which will assist you in protecting your assets, not only during the course of your lifetime, but thereafter, providing you with an opportunity to ensure that your wealth is retained for the benefit of the family, and not lost to third parties.
We can assist with Severance of Joint Tenancies, Protective Property Trusts, Deeds of Variation, Deeds of Retirement/Appointment of New Trustee and general Inheritance Tax mitigation.
Contact us if you require advice.
Estate Planning
Estate Planning should not be confused with simply making a Will. A Will enables you to leave instructions stating how you would like your assets to be dealt with after your death, but a Will does not protect those assets during your lifetime or, indeed, thereafter, whereas implementing a prudent Estate Plan can achieve exactly that.
Traditionally, Estate Planning was required only by the very wealthy who wanted to protect their large estates from liabilities and potential claims for the benefit of future generations. However, in more recent times, due in part to the long term increase in the value of our homes, the benefits of having an efficient Estate Plan apply to us all, as the estates of even modest earners now fall prey to the heavy levy of Inheritance Tax, often referred to as Death Duty. This Tax is charged at 40% of the total value of your worldwide assets which exceed the current threshold of £325,000.
Estate Planning & Probate Ltd