| Being from Hampshire, I have picked up on the fact | | | | case of precious metals including gold and other |
| Hampshire solicitors and Wills solicitors alike, are | | | | jewelery or certain commodities. |
| warning people to have a look at their inheritance tax | | | | To help you with inheritance tax planning, the following |
| planning and Wills as the worth of family inheritances | | | | advice was given to me by a Hampshire solicitors firm |
| will be falling dramatically due to the recent economic | | | | and is invaluable in making sure you Will is properly |
| state of affairs. Family estates have lost a staggering | | | | prepared for this economic climate. |
| £1 billion in value due to the current economic | | | | For Wills that are already in existence, the following is |
| crisis, which has seen equity and property markets | | | | advised:o Consider revaluing the assets to take into |
| falling since as early as August 2007. | | | | account price movements.o For assets that have lost |
| So at the moment, the advice the Hampshire solicitors | | | | value and are not needed, consider giving them away |
| are giving to us local folk is to make sure Wills you | | | | in order to reduce current IHT liability now, but as |
| draw up reflect the current environment because | | | | importantly, crystallize their value at current rates. |
| otherwise the intended beneficiaries could suffer | | | | For estates where the death has already occurred, |
| disproportionately if they are being left specific gifts, | | | | the following is advised:o Consider revaluing the |
| which is common when drafting Wills up with Wills | | | | property at its sale date, if this is less than the value |
| solicitors. | | | | calculated at the time that the value was calculated by |
| Statistically, over 600,000 people die each year in the | | | | the HMRC.o An HMRC 10-year instalment plan can be |
| UK and about 70% of the deceased are | | | | used, for instances where properties won't realise a |
| homeowners. It would be no surprise to know that | | | | reasonable value, with 1/10th of the tax paid before |
| most of these deceased would have seen house | | | | probate and the remaining instalments on the |
| prices drop by around 20%, with the FTSE dropping | | | | anniversary of death. Interest is charged, currently at 1 |
| by over 40% in the same period. | | | | per cent per annum. |
| However, it is not all doom and gloom, with assets | | | | Hopefully the above information will help you when |
| plummeting in value every which way; the value of | | | | dealing with Wills at a difficult time and mean you are |
| chattels and other assets has grown, especially in the | | | | prepared and will receive what is deserved. |