Wills and Inheritance Tax Planning

Wills and Inheritance Tax Planning

Although everyone wants to ensure that their loved ones are provided for after their passing, the failure to create a legally binding will and a plan for inheritance taxes can leave your loved ones unable to receive their assets. Proper will and inheritance tax planning ensures that your beneficiaries will be provided for and gives you peace of mind about the future. No matter your age or health status, it is never too early to begin planning for the provision of your estate, and the experts at Roper James can help you navigate this important step in asset protection to ensure that your loved ones are well cared for. We have branches in Plymouth, Saltash and Ivybridge so don’t hesitate to contact us for an initial FREE consultation.

Things to consider during will and inheritance tax planning  

Sometimes the legalistic nature of wills is so daunting that it is consistently put off for later. However, unfortunately, life is unpredictable, and we rarely have the luxury of knowing how much time we have left. In order to ensure that your loved ones are protected and provided for, it is essential to have a legally binding will in place. Although there are several things to consider when it comes to end-of-life planning, the Roper James team of experts will be able to walk you through each step to guarantee that your legal and financial affairs are in order. Some of the common considerations when drafting wills are:

  • Simple inheritance vs a discretionary trust: Many people opt for trusts as an alternative to direct inheritances, and a discretionary trust is just one of the options available. These allow you to leave your estate to a trust managed by the trustees appointed in your will. Discretionary trusts are often used when it’s possible that family circumstances could change in the future, or a beneficiary is irresponsible with money management.
  • Business Property Relief or Agricultural Relief: This is a way to pass on assets free of inheritance taxes but requires that property meet a set of complex requirements. These areas of financial planning can be quite convoluted, and it is recommended that you let the Roper James team help you navigate the legal complexities of individual situations.
  • Powers of Attorney: Although people often assume that their loved ones will be able to carry out their financial wishes, this is not always the case. Due to the complex nature of the legal system, it is best to appoint Lasting Power of Attorney for Property and Financial Affairs to a designated person whom you trust to manage your affairs. This is a simple legal step that can afford immense peace of mind about asset and estate protection.

What is inheritance planning?

Inheritance taxes are taxes on inheritances above a threshold amount. The tax amount is deducted from your inheritance and is the responsibility of the executor named in the will—or the administrator of your estate if you do not have a will in place. Although taxes on inheritances over the threshold amount must be paid, there are certain strategies to reduce your inheritance amount to stay below the threshold.

Inheritance planning is a common way to strategically manage your wealth and plan for your loved ones, leaving them with significantly more funds to inherit. The experts at Roper James can help you manage your wealth in order to maximize the monetary amount received by your beneficiaries. These strategies include:

  • Yearly gifting
  • The residence nil rate
  • Foreign assets (depending on the location of your primary residence)
  • Proper estate planning
  • Life insurance
  • Trusts
  • Equity release
  • Strategic spending

At Roper James, we understand that every situation is different when it comes to estates, finances, and assets, which is why we work diligently to collaboratively select the most appropriate course of action for each individual’s unique circumstances. Contact us for a consultation today on Wills and Inheritance Tax Planning (branches in Plymouth, Saltash and Ivybridge) and move forward with peace of mind knowing that your loved ones will be securely provided for, no matter what happens.

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