Estate Planning

If you want to safeguard your and your family's assets and financial wellbeing, estate planning is key.

The following is a list of things you can do to avoid or reduce your tax obligations:

  • Make a Will – a will allows you to document how you want your assets to be distributed (and to whom) once you die. Dying intestate (i.e. without a will), means:
    • your assets may be awarded to individuals you may not want;
    • you don’t have any control over when assets are awarded to the beneficiaries;
    • your estate may be subject to avoidable taxes;
    • your estate may incur unnecessary expense; and
    • the process to manage your estate will become inconvenient and longer.
  • Give gifts to family and friends - gifts given to people that you choose, will also be exempt if you donate below the allowable limit.
  • Give gifts to charities – donations to charities are exempt from Inheritance Tax (IHT) and if you donate 10% or more of your estate to them, the 40% IHT liability reduces to 36% (correct as at 2020).
  • Business Relief – HMRC allows individuals to pass on their own business assets to their beneficiaries.
  • Create a trust fund – a trust enables the assets to be protected from IHT and if any life assurance policies are included in the trust, the amount paid out is also protected.
  • Set up life assurance policy – life assurance policies are a great way to cover any potential IHT liabilities that may arise in the future.
  • Transfer assets to your spouse or partner – whether you’re married or are in civil partnership, assets transferred to your partner are free from IHT.

As you will see from the above list, early planning increases your ability to save on IHT, income and capital gains taxes.

Our tax specialists seek to first understand what you want to achieve and then recommend various bespoke options to help you achieve your goals.

If you want to learn more about how to reduce your tax exposure, please contact us.


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