Where is your estate going?

We come across many taxpayers who still don’t have the necessary paperwork in place to determine how their assets should be distributed when they pass away.

Whilst death is guaranteed, unfortunately, many individuals fail to plan accordingly and thus unintentionally leave some of their assets to either estranged relatives or even worse HMRC, if Inheritance Tax (IHT) is payable!

IHT was once considered a tax only payable by “the rich”, but due to increasing property prices, more and more estates are being caught within the IHT net.

Our recent articles have mentioned tips to reduce the IHT amount that goes to HMRC but it is important to consider how you wish your estate to distributed between family, friends and even charities which is where a properly drawn Will can help. You may even have a Will but with recent changes to exemptions, transferable allowances and pensions, you are unlikely to be taking advantage of the current tax reliefs and exemptions, so you should look to have the Will updated.

It is important that you take advice otherwise you may leave your family with a financial headache or even worse less inheritance when you die.

If you wish to speak to one of our tax team then for Darlington call Alan Moore or Lee Watson (01325 349700), for Durham call Nicola Bellerby (0191 384 2244) and for York call Alan Moore or Graham Richardson (01904 784400).