Estate Planning
There are two strands to planning your estate:
- making sure your possessions are shared out as you would wish
- making sure you don't leave your beneficiaries with an unwanted tax bill
The importance of a valid will
An up-to-date will is the only way you can be sure your possessions will go to the people you want them to go to. Archaic UK intestacy laws mean that, without a valid will, the government decides who benefits from your estate.
Your will also sets out your wishes for the future guardianship of your children. Without a valid will the government will decide who cares for them; this may not automatically be your partner if you are not married.
If you do not have an up-to-date will you should contact us without delay.
Wills are not regulated by the Financial Services Authority.
The inheritance tax trap
Inheritance tax used to be a tax that only rich people paid. However, our culture of home ownership and rocketing property prices have contrived to bring many more people into the inheritance tax trap as any estate worth more than £312,000 carries a potential inheritance tax liability.
With careful planning you can minimise, or even eliminate, any inheritance tax liability. So, if you think you might leave your beneficiaries with an unwanted tax bill, contact UK Personal Finance right away.
