We all know that changes in our family and financial circumstances may need to be reflected in our Will but all too often we forget to review this important document and to seek specialist advice that protects our loved ones.
There have been significant changes to the Inheritance Tax (IHT) rules: most people are aware of the nil rate band (NRB) allowance of £325,000 and the ability of executors of surviving spouses to make a claim to transfer unused allowances. Since 2017 an additional residence nil rate band (RNRB) currently £125,000 can potentially be claimed. Married couples or those in a civil partnership could therefore potentially benefit from a combined allowance of £900,000 (which is set to increase to £1 million in 2020).
Technical provisions which affect the availability of these allowances and others means that choosing a qualified legal adviser from a regulated professional practice who will carefully ensure you have considered all relevant tax implications and drafting requirements will ensure you get the right Will for you and those you care about.
The private client team at John Hodge Solicitors have years of experience in helping clients to identify their priorities, consider the tax allowances relevant to their circumstances and preparing Wills that meet their clients’ needs. If you wish to discuss such matters, please do not hesitate to contact any of our offices where a member of the team will be happy to assist you.