Wills & Tax Planning
If you die without a Will then your assets will be distributed in accordance with the statutory rules of intestacy to your closest relatives in strict shares and order of priority, fixed by law, which may well not be what you would have wanted. Your husband or wife will not necessarily inherit all your estate if you have children. An unmarried partner or a stepchild would not be included as a beneficiary of your estate. It is therefore wise to have a Will which truly reflects your wishes and circumstances and to review such documents from time to time.
A well drawn Will will minimise the amount of Inheritance Tax payable on death, as can the use of trusts during your lifetime, though care needs to be taken that any wealth-mitigation schemes comply with the ever more stringent requirements of the Inland Revenue.
Independently recognised by the Legal 500 Guide to UK Law Firms and by Chambers Directory, we have an established team of specialist solicitors dealing with tax planning and can help you achieve the most efficient solution for you and your specific needs.