On death, your estate will be subject to Inheritance Tax. The first £300,000 is taxed at nil percent known as the Nil Rate Band. Thereafter, you will pay 40% tax on everything you own unless you make your Will more tax efficient.
If you are a married couple or in a civil partnership, recent announcements by the chancellor in his pre-budget report will now allow the surviving spouse or civil partner to utilise both sets of nil rate allowances on second death as long as this was not used by the first spouse or civil partner to die.
Another solution to tax planning is a Nil Rate Band Discretionary Trust Will prepared by our Wills department, which could save your beneficiaries up to £120,000 in Inheritance Tax. A Nil Rate Band Discretionary Trust Will utilises the Nil Rate band available on First Death.
If you want to make provisions for your loved ones then give us a call on 0800 294 4892 or fill out our online contact form. Our Wills and Probate department are always on hand to help.
