Most people want to leave their lifelong earnings to their nearest and dearest. Without taking certain legal steps however, your money will go to the Government and be subject to inheritance tax.
Primarily, writing a will ensures that those you wish to receive your wealth do. It is a relatively easy process which can save you money and clarify any number of issues in the long term.
Further, giving money to friends and family during your lifetime may reduce the value of your estate for inheritance tax purposes. Small cash gifts given during your lifetime will be expempt from inheritance tax, as will gifts given away before the last seven years of your lifetime.
Another way of managing your estate is by creating a trust. A trust can be a separate fund the benefits of which will be transferred to the recipient on the happening of a particular event, for example, where the beneficiary reaches a certain age.
We are able to assist in all aspect of estate planning, and will writing.
If you require further advice, please contact Mr Khalid Khan of KK Solicitors.
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