Is now a good time to think about your will and inheritance tax strategy? For many with time on their hands thoughts are moving in this direction. If you do not yet have a will, then do you know who will inherit your assets when you die? The rules are set out in the law of intestacy and you can find our summary of this on our website. Surely it is better for you to decide how your estate passes to those you care for rather than leave it to the state.
If you have made a will is now a good time to review it? Is the balance of legacies still right or is there someone who has come into your life that you would like to add as a beneficiary? Has the value of your assets taken a plunge with the lockdown and recession, or are you in business in one of those enterprises which is in great demand at the moment and so the value of your business assets is actually multiplying greater than you would have expected? These are both good reasons to reassess your potential inheritance tax charge and strategy. Bear in mind our government will need to raise taxes somewhere and the many inheritance tax reliefs currently available could well be gone by the end of this year.
Now some are saying that of course it's impossible to do a will whilst we are all still locked up. That is not correct, we are available to hold client meetings on the phone or face to face through Zoom, Skype, etc so our experts are readily available to assist you. As to how the document can be properly legally executed we have clear guidance that would enable you to do this safely and legally.
Whilst you are considering your will it is a good idea to also consider appointing attorneys to be able to act for you should you fall ill and need help with your legal and financial affairs. The forms to do this can be off-putting but we can guide you through the process to appoint your friend or professional advisor so that this worry is alleviated.