Estate and Inheritance Tax Planning
While making a will can cover these areas, sometimes a broader strategy is needed that focuses on minimising the taxes payable on your estate. It can include techniques such as trusts, lifetime gifts, and pension beneficiary designations.
Why might you need to consider estate planning and inheritance tax?
Depending on your circumstances, detailed estate planning with help from a professional can significantly reduce the inheritance tax your beneficiaries have to pay. This is one of the main motivations for planning your estate, but doing so also ensures your wishes are met and avoids potential future disputes.
What’s the process?
Every person’s estate planning needs are different, but the process usually involves the following steps:
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Think about your goals and wishes for your assets and loved ones. Who do you want to inherit your belongings? How can you minimise taxes? Do you have children who need guardians?
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List everything you own (house, car, investments, etc.) and its value. Include any debts like mortgages, credit card borrowing or loans.
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Decide who you want to inherit your assets. This is usually family and friends, but some people wish to leave gifts to charities.
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Put a will in place and appoint an executor to carry out your instructions.
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If wanted, appoint a power of attorney to manage your finances and healthcare decisions if you become incapacitated.
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Consider trusts and lifetime gifts to minimise any potential tax due on your estate.
How we can help
We’re experts in planning estates and can guide you through the process, advising you on the best way to minimise inheritance tax liabilities, giving you peace of mind that your estate will be distributed in line with your wishes, and giving your loved ones less to worry about.
Get in touch
We’re here to discuss and help with any aspect of estate planning and inheritance tax, so if you have questions about the process or benefits, please get in touch for a chat.
