Inheritance tax is a tax many people don't think about and presume that it is something for the rich or elderly to be more concerned about.
At present the starting point, from which you begin to pay Inheritance tax is £325,000 this means everything you own above this amount is subject to 40% tax. This applies to your whole estate cash, property, investments, and even your personal effects. Married couples have an allowance of £650,000.
The chancellor announced in his March 2010 budget that the threshold would remain the same at £325,000 for the 2010/11 tax year. To date the threshold remain unchanged.
The good news is that there are a number of Inheritance Tax friendly schemes that can assist you with your planning and we will be happy to discuss your options with you.
We offer a professional will writing service to assist with Inheritance tax planning or to ensure that your wishes are carried out after your death.
Should you use an online Will?
In a word NO.
While you may save money in the short term, your Last Will & Testament is an individual and very personal document that should suit your particular circumstances and needs. Written by a professional with skill and precision a Will drafted by us will ensure that it does what you want, how you want it.
In order to achieve this, a face-to-face meeting is advisable in order to discuss and to consider your wishes and circumstances and how they can be incorporated clearly whilst minimising administration, potential disputes and taxation.
You have worked your entire life to build an estate to leave to your loved ones and to make sure that your final wishes are carried out. It doesn't make any sense to risk it all by cutting corners.
During an in-depth discussion, we will ensure that your Will is appropriate to all of your individual needs and circumstances and most effective in limiting taxes and unnecessary legal costs.
Some people assume that if they die without a will then everything would automatically go to there partner, unfortunately this is not the case and if you were to die without a will then a complex set of rules would come into effect. These are known as "rules of intestacy". We will be happy to advise you on the right will for you.
The cost of our will writing service is;
Single Will £69.00
Joint (Mirror) Will £99.00
This includes a face to face meeting and the drawing up of the documents.
We also provide a power of Attorney preparation service.
Gardner Massey Wright IFA Ltd
35 Market Street,
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Monday to Friday 9:00am to 5:00pm
Evenings and weekends by appointment