Don’t risk leaving your assets subject to a big and avoidable tax bill. Inheritance Tax was designed to perpetuate wealth and is a throwback from hundreds of years ago – thankfully, things have moved on but this piece of legislation is still with us.
The single biggest asset owned by many is the family home – but rocketing house prices have pushed many people toward and over the threshold at which IHT becomes due (currently £325,000 per person) .The Government recognize this and are taking steps to raise the threshold from 2017, but do you still need a will? And will it help?
Well, yes, we would strongly advise it. It’s the best way to avoid all sorts of problems and arguments following a death. It’s the only way to ensure that your wishes are carried out, and your estate is distributed in accordance with your wishes. If you don’t, everything you own is shared in a standard format, which might not be what you want, and could cause an avoidable tax bill.
Make sure that your will is legal and valid – this is important even if your estate isn’t complicated. The best way to do this is have it instructed and checked by a professional. Making a will isn’t hard, it takes about an hour and can make a huge difference to you and your family. Don’t delay, get in touch with Red IFA today.