Shore Wills Ltd is urging people to assess their own worth, by totting up the value of their estate.
Whilst many of us undervalue what we are worth, the taxman does not and millions are now caught up in an Inheritance Tax (IHT) trap, largely due to the escalating value of our homes.
It’s easy to assess whether you are in this trap, according to Shore Wills Ltd. Just add up the value of your house, furniture, car, savings, personal belongings and any benefits payable on your death, from pension or life policies. If the value exceeds £300,000, then your beneficiaries would be liable for the Inheritance Tax due on the difference, at a rate of 40%.
With careful planning before your death – and none of us know when that day may come – the tax nightmare can be eased. You can use your Will to ease the burden on your beneficiaries, ensuring that the stress of paying IHT is not added to that caused by bereavement.
By using Discretionary Trusts within your Will, a couple can vastly reduce the sums needing to be paid to the taxman. Gifts to a registered charity can also be bequeathed tax free, if these are detailed in a Will.
This is too important an area to mess up, which points to unqualified and unregulated so-called ‘will writers’ operating in the market and the dangers of the DIY Will.
On the other hand, Shore Wills Ltd is a member of the Institute of Professional Willwriters - a self-regulatory body that demands high standards of professionalism from its members. IPW membership can only be granted to those who pass its entrance exam, or hold a similar qualification, who undergo continuous training, have a minimum of £2 million Professional Indemnity Insurance cover and who abide by strict codes of conduct.
Shore Wills Ltd ticks all the boxes in this respect and can assist you in your mission to draw up a Will that will box clever when it comes to IHT.