Inheritance tax, which is due on assets you leave behind when you die, could cost your family and loved ones a considerable amount of money if you don’t adequately plan for it.
Your assets include:
Cash in the bank
Life insurance policy pay-outs
The guidelines for Inheritance Tax have gone through several changes over recent years, so keeping up with legislation can be tricky. As such, it is more important than ever to seek advice early to protect your wealth.
Discussing and planning for your death is not the most enjoyable thing you will ever do, but to protect the people you leave behind, it’s essential that you write a Will and make financial provision where appropriate.
Your Will determines how your estate is distributed after your death which will include your money, property, private possessions, shares and investments. It is a common misconception without a will everything passes to your spouse. However, this is not necessarily the case. Therefore it is important that you have a written and up to date will.