Inheritance tax warning: Make sure your Will is valid as 'life is unpredictable' - act now
Inheritance tax is usually levied on the estate of someone who has died and is passing on their assets, so long as their estate is valued over £325,000. Where IHT is due, it is charged at 40 percent on the parts of the estate valued over the £325,000 threshold.
To help manage inheritance planning, Wills are often created as they can help decide what happens to the person’s money, property and possessions after their death.
Wills can also help make sure IHT costs are not higher than they need to be and while they can be created by the person passing down assets, professional guidance is usually encouraged as they can be complicated documents.
Charlotte Isherwood, Wills & Probate Solicitor at ZEDRA, commented on these complications which have been made more difficult by the pandemic.
“If the last year and a half has taught us anything, it is that life is unpredictable,” she said.
READ MORE: Inheritance Tax: Young savers ‘counting’ on inherited wealth – act now
