Will and estate planning services

So often we see Wills between husband and wife that are mirror imaged transferring all of the assets to the surviving spouse, which on first reflection would seem to make sense as gifts between husband and wife during lifetime or on death do not create an Inheritance Tax charge.

Unfortunately, what it does mean is that the first spouse to die will not have utilised his or her Inheritance Tax nil rate band. Currently the nil rate band is £263,000 and as a consequence, could create a further Inheritance Tax Liability on the second spouse's death of £105,200. By a simple mechanism within the Will, a Discretionary Trust could be set up and a class of beneficiary within the Trust could be the surviving spouse and he or she has the opportunity to participate in the income and if necessary, the capital.

Whatever your circumstances, contact us today for more information on our will and estate planning services.