As a higher net worth individual, careful consideration of the management of your estate, in the event of your death, can ensure your remaining loved ones are protected and financially.
The value of your estate, for Inheritance Tax (IHT) purposes, normally comprises your worldwide assets at the date of your death, including personal items, investments and the family home(s). This tax, is assessed at a rate of 40% for any assets exceeding the nil rate band, which is currently £325,000 - the full nil rate can be passed to a surviving spouse, if it has not been used, which would mean the nil rate band for the survivor could be as much as £650,000. IHT must be paid before Probate can be obtained, and your Personal Representatives are liable for IHT, which is normally due six months after the end of the month in which death occurs. For higher net worth individuals, with a complex financial situation, this can often mean that Personal Representatives have to arrange a loan to pay the tax.
The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances.
Helping you to take control of how your wealth is managed after your death is a key part of our role as your Trusted Adviser, for you and your family. The following guide to Inheritance Tax is designed to assist you in your financial planning. Please email us at firstname.lastname@example.org and you will be sent a complimentary copy of your guide by post.