Writing a Will and Inheritance Tax Legal advice on writing a Will and inheritance tax from solicitors in Milton Keynes

At Milton Keynes based Heald Solicitors, our expert Wills, probate and trusts solicitors can work with you to ensure that you have the right Will in place for your needs. We will discuss your options with you and tailor your Will to give you and your loved ones the peace of mind of knowing that, when the time comes, they will be provided for in the way that you wish.

Benefits of having a Will

Certainty – Making a Will gives your loved ones the certainty of knowing what your wishes are, which can be reassuring for them at what will be a difficult time. This can also go a long way to reducing unnecessary stress and avoiding disagreements between family members.

Choose your executors – Your executors will be responsible for winding up your estate. If you make a Will, you can choose individuals you trust and whom you feel will be able to take on this task.

Appoint guardians – If you have minor children, you can appoint guardians in your Will to care for them. Without a Will, the court will decide who will look after them, and it might not be the person you would have chosen.

Blended families – If you have remarried and have children from a previous relationship, there is a risk they could lose out on their inheritance unless you have a valid Will in place.

Inheritance Tax

The nil-rate band – This is the threshold above which Inheritance Tax is payable. It is currently set at a maximum of £325,000 per person. The nil-rate band can usually be transferred between married couples when one dies, if it has not been used by their estate.

The residence nil-rate band – There is also an Inheritance Tax allowance of a maximum of £175,000 per person in respect of residential property that is passed on to a child or grandchild.

This means that a couple could have a total allowance between them of £1m on which no Inheritance Tax would be payable.

We can help you structure your estate to take advantage of the available allowances and ensure that it is as tax-efficient as possible by working with other advisors on your lifetime planning, to ensure the best outcome for your family and loved ones.