An Introduction to Planning

Introduction to Inheritance Tax planning

Planning ahead for when you die allows you to set out clearly who should get what from your estate. You can maximise Inheritance Tax reliefs and exemptions if your estate might be worth more than the Inheritance Tax threshold. The threshold is £325,000 and will remain so until 2014-15.

When Making Financial Decisions Make Sure You Have :-

1.  A valid and current Will

2.  Powers of Attorney

The Importance of making a Will

Making a will and being sure people know where to find it is the first step. The purpose of the Will is to make sure your estate is shared out exactly as you want it to be when you die.

If you don’t leave a will, your estate will be shared out among your next of kin according to a strict order of priority called the ‘rules of intestacy’. This means that people you want to benefit from your estate might get nothing. The rules are different in Scotland.

You can write your own Will yourself or buy a pre-printed form from many stationers or newsagents. It’s very important to sign your Will and get the signature witnessed or it won’t be valid. Personally I think legal advice on this is essential.

What is a Lasting Power of Attorney?

A Lasting Power of Attorney is a legal document that lets you appoint someone to make decisions about your welfare, money or property. It can be used at any time when if you are not able to make your own decisions. Find out more about a Lasting Power of Attorney.