| If you're anxious that your loved ones will have to pay | | | | funds for children or grandchildren, so that they can |
| a large amount of inheritance tax after your death, | | | | benefit from your wealth for years after your death. |
| then you might already have spoken to an inheritance | | | | Your solicitor will be able to help you to decide |
| tax solicitor, and decided on your options. Alternatively, | | | | whether this is best or most effective use of your |
| here's why you need legal advice regarding inheritance | | | | estate. |
| tax. | | | | 7. Many people are choosing to downsize their homes, |
| 1. You'll need help writing a will so that it is legally binding, | | | | and cars, and live in a smaller home, and run a smaller |
| and that your requests are properly put in writing so | | | | and cheaper car. This can allow them to make the |
| that there is no doubt about what you want to happen | | | | most of their money now, and to distribute their wealth |
| after your death. | | | | as per their wishes. If this appeals to you why not see |
| 2. By naming your heirs in your will, you can make sure | | | | wht your solicitor thinks? |
| that everybody know who will get what when you die. | | | | 8. If you're not married or in a civil partnership, then you |
| There will be much less chance of any disputes, or | | | | might want to be, as spouses don't pay inheritance tax |
| fallings out between family members. | | | | in the event that one of them dies. Your inheritance |
| 3. If you want your survivors to pay less inheritance | | | | tax solicitor will be able to explain this in more detail and |
| tax, the n you might want legal advice on transferring | | | | see how it affects you. |
| your estate into trust funds or life insurance. Your | | | | 9. You might choose to become tenants in common if |
| inheritance solicitor will be able to provide you with the | | | | you don't want to get married. Each of you will own a |
| information you need. | | | | 50% share of your home, and so if one of you dies, |
| 4. You might be tempted to spend your estate on | | | | the amount of inheritance tax payable is much less, as |
| investments, with the hope that the investments will | | | | the value of the home is only the value of the 50% |
| reap dividends greater than the inheritance tax. If you | | | | share. Your legal advisor will be able to give you the |
| haven't taken legal advice, then you might not be | | | | pros and cons of this. |
| making the best use of your estate, and could still | | | | 10. You might be thinking about taking out a mortgage |
| leave your loved ones liable to pay inheritance tax. | | | | on your property so that the value of your estate is |
| 5. Perhaps you want to spend your money on gifts | | | | much less, and there'll be less tax to pay when you die. |
| and items for your loved ones now, so both you and | | | | You'll be able to find out what you need to know |
| they get to enjoy their inheritance before you die. You'll | | | | when you speak to your inheritance tax advisor. |
| need to make sure that you comply with the relevant | | | | Now you know how you can reduce the value of |
| laws, and that you and your family are aware of any | | | | your estate, do you need to speak to an inheritance |
| issues that are likely to arise. | | | | tax solicitor? |
| 6. You might choose to put your money into trust | | | | |