| Inheritance Tax is around 40-50 percent and is | | | | having to pay inheritance tax, is to downsize your |
| payable on being left inheriting assets. If you want your | | | | assets and distribute the money. Do you really need |
| loved ones to benefit from the property, or other | | | | such as big, or valuable house? Would you be better |
| assets you've left them, without having to sell them to | | | | off in a smaller house and giving the money to your |
| pay off tax, then why not consider some of these | | | | loved ones now? |
| options? | | | | 8. You might want to consider marriage or a civil |
| 1. By writing a will you'll be showing what you want to | | | | partnership if you're currently cohabiting, as married |
| happen in the event of your death. Your family and | | | | partners won't need to pay inheritance tax in the event |
| other loved ones won't be faced with a huge tax bill, if | | | | that one of you dies. |
| you let them know what your intentions are now. | | | | 9. You might want to consider taking out a mortgage |
| 2. By specifying who the heirs are, you can also make | | | | on your property in order that your loved ones pay |
| it clear who gets what when you die. | | | | less tax. This will mean that the value of your estate is |
| 3. You might want to consider transferring your estate | | | | much less. |
| into life insurance or trust funds, abroad, so that there is | | | | 10. If you don't want to get married, then why not |
| no inheritance tax to pay. | | | | consider becoming tenants in common, which means |
| 4. Perhaps you'll spend your money on investments | | | | that you each own a 50 -50 share in the home, which |
| which can make you money which might cover the | | | | will mean that if one of you dies, the value of their |
| inheritance tax bill. | | | | share of the home is much less, and so there is less |
| 5. You could spend your money on gifts for your heirs | | | | inheritance tax payable. |
| now, so that they can receive their inheritance from | | | | Now you know more about death duty, and how you |
| you in person, rather then after you've died. | | | | can make sure your beneficiaries pay less in the event |
| 6. You might choose to put your money in trust funds | | | | of your death, perhaps now is the time to seriously |
| for your children or grandchildren, so that they can | | | | consider speaking to an Inheritance Tax Solicitor, and |
| benefit for many years after your death. | | | | find out what will be best for you. |
| 7. One of the most popular methods of avoiding | | | | |