If you’re considering preparing for the future, or are facing up to bad news, then an inheritance tax solicitor can help you with your questions so that you don’t have to worry about whether your loved ones will have to pay tax in the even to f your death.
Here’s how an inheritance tax solicitor can help.
1. By helping you with your will, a solicitor will ensure that your requirements will be carried out in the event of your death.
2. Naming heirs in your will, can help to make sure that there’s no discrepancy after your death. The last thing you want is for your loved ones to fall out over who gets what when you’ve died. Your solicitor will be able to give you the advice you need.
3. You’ll get the most up to date and accurate information about paying less inheritance tax, from your solicitor. Perhaps you’ll be advised to put your money into trust funds, or take out additional life insurance policies.
4. Your inheritance tax solicitor might suggest that invest your estate into stocks and shares, and hope that they will cover the amount of inheritance tax payable when you’ve died.
5. Depending on your circumstances, and wishes, you might want to make sure that people benefit from your money now, whilst you’re alive. Perhaps you’ll buy gifts or practical items for those who would have benefited from your will, or even for yourself. Your wills and probate solicitor will be able to make sure that all of your questions are answered.
6. Maybe you’ll want to put your money into a trust fund so that you can take care of your children or grand children. You might want them to have enough money for when they go to university, or for buying their first car or house.
7. You might be encouraged to move to a smaller your home and buy a cheaper car, so that the value of your estate is worth less. As your estate won’t be worth as much, there’ll be less inheritance tax to pay.
8. If you’re not married or in a civil partnership you might want to be, as inheritance tax isn’t paid by spouses. So if you know that you’re in s a stable relationship, you might want to make it official if there’s a risk that there’ll be a lot of tax paid at the time of your death. Why not find out if this is right for you by speaking to a legal professional?
9. If you’re living with someone, then why not become tenants in common? This means that you each own half of the home. As the value of the home is halved, there is much less inheritance tax to pay. If you’re not sure of the full implications, then you’ll want the legal advice of an experienced inheritance tax solicitor.
10. Perhaps your legal advice will be to mortgage your home, so that the property isn’t worth as much, which means less tax will be payable when you’ve died.
Now you know more about what an inheritance tax solicitor can do for you, perhaps now is the right time for you to make a will, and make sure that your loved ones are taken care of.
