Most of us have never been involved in dealing with someone’s ‘estate’ until a person close to us dies. Being confronted by a mass of legal terms and procedures can be daunting, particularly when we are also dealing with bereavement.
Putting the right things in place well in advance; such as your Inheritance Tax (IHT) succession plan, a will, a trust, and lasting power of attorney in case you need someone to make decisions on your behalf later, makes the procedures less stressful, and gives your loved ones the confidence that they are following your wishes when the time comes.
Importantly, it can also enable you to minimise your Inheritance Tax liability.
The importance of legacy planning
IHT succession planning is the process of deciding and communicating how your estate (typically your home or other property, money, pensions, personal possessions, or business) will be managed and distributed after you die. An important goal is usually to minimise any tax liabilities or other debts.
Traditionally, IHT succession planning was seen as only relevant to the very wealthy, but these days, more people are finding that their estates are likely to be liable for Inheritance Tax – largely because the IHT threshold (currently £325,000) hasn’t changed since 6 April 2009, whilst property values have continued to rise.
Estate planning for business owners
It’s also important for business owners, to ensure that passing on their company to family or employees preserves their legacy in a tax- efficient way.
Do you need a will? or a trust?
Ensuring that you have a valid will in place, and creating a trust if your particular circumstances make that appropriate, are part of IHT succession planning.
More people than ever are leaving their loved ones to deal with an inheritance tax liability on their estate after they pass away. It’s a complex area, and getting the right professional advice is important.
Who can help with estate planning?
At UHY Ross Brooke, we offer a full estate planning and probate service, ensuring that your estate or that of a friend or family member will be handled professionally and sensitively, reducing the burden on you.
We advise and deal with direct taxes (Income Tax, Corporation Tax, Capital Gains Tax and Inheritance Tax) and indirect taxes (VAT) for trusts, estates, businesses and individuals.
As local, highly experienced Chartered Accountants and Licensed Probate Practitioners, we’re here to help, with a range of legacy planning services designed to help you and your loved ones prosper, now and in the future:
- Probate, Estate Administration and Tax Returns
- Inheritance Tax Succession Planning
- Trusts
- Making a Will
- Lasting Power of Attorney
Please get in touch with us for a no-commitment conversation
Next steps
Find out more about probate and estate administration
For more details about our range of probate services, please get in touch through the form or download our Probate services brochure.
Meet our probate specialists in Abingdon
We are highly experienced and licensed probate practitioners, licensed by the Institute of Chartered Accountants in England and Wales (ICAEW), a licensing body for probate.
As full members of STEP (Society of Trust and Estate Practitioners) our services include probate activities, will writing, estate planning, applications for grants of probate, the administration of estates and the administration of trusts. We can advise on and minimise tax liability on Inheritance Tax and taxes related to trusts and estates.
We have the experience to ensure that the management of the estate will be handled professionally and sensitively. To find out how we can help you, please fill in the form below to contact one of our probate advisors in Abingdon.
Our probate specialists are based in Abingdon, Oxfordshire, and we have 4 offices across Berkshire, Oxfordshire and Wiltshire, and look after probate, estate, trust and tax clients from all across the UK.
