Inheritance can be a difficult topic for some to process. It accepts a fact of life that can be very painful. However, taking the approach of “out of sight, out of mind” can cause unnecessary – and extra – hurt to your family. You will be shifting the responsibility of your estate to them. It’s an investment of your emotions right now – facing a thought that is difficult – which will ensure that you know exactly what position your estate is in and where it will end up once you pass. There is great comfort in this.
In our current times, as house prices continue to rise, but the threshold for paying Inheritance Tax remains the same – £325,000 – more and more grieving family members are having to pay more and more tax on the estates’ of recently-passed loved ones. This doesn’t look like it’ll change anytime soon. Inheritance Tax Planning, then, is becoming an essential service for many, many Brits up and down the country.
Without the right estate planning, HMRC, rather than your family, could become the largest beneficiary of your estate. Professional estate planning helps ensure your family inherit as much of your wealth as possible.
Families going through an already tough time may have to endure conversations about your estate with HMRC without your presence, making it a tougher time than it already is. We typically use a combination of strategies to give you peace of mind that your family are provided for when you are no longer here.