Beacon WILL & Probate
Inheritance Tax Planning
Helping you plan for the future – will writing, probate, and estate planning.
BEACON WILLS & PROBATE
Tax Planning That is Different for everyone
Reduce inheritance tax effectively without major costs or losing assets.
Our life’s work often focuses on earning and saving, so we naturally want our loved ones to inherit as much as possible.
Many people don’t know about the available exemptions and how to use them. Asset ownership is one such area.
BEACON WILLS & PROBATE
Inheritance Tax
This tax can be applicable:
- on the estate (assets) of someone who has died,
- on certain assets when they are transferred into or out of selected Trust structures.
There is normally no tax to pay if:
- the value of your estate/assets is below £325,000,
- everything is left to your spouse or civil partner, a charity, a community amateur sports club.
Inheritance tax is charged at 40% in most cases.
Beneficiaries in a Will do not normally have to pay tax on items they inherit, although there are some exceptions (e.g. on rental income during the period of administration from property left to them in a Will).
People who have been given gifts in the 7 years prior to death may have some Inheritance Tax to pay.
Personal Representative
Funds from the estate are normally used to pay Inheritance Tax, and this is done by the Personal Representative (the person who is administering the estate – the executor when there is a Will and person/people named accept the executorship, the Administrator in all other cases.)
Beacon Wills & Probate
Helping you plan the future.
Arrange an appointment
Click below and arrange an IHT meeting with our team.
Get in touch today
Contact us to arrange an appointment to discuss your options, or if you have any questions. We will guide you through the process – we’re only a phone call or message away.
BEACON WILLS & PROBATE
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