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 Our Private Client team at Pothecary Witham Weld has a wealth of experience taking care of both individual's and family's private financial and will related testamentary matters. We offer sympathetic and constructive assistance on many matters and aim to find out your concerns and tailor our advice accordingly.
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It is possible to vary the terms of a will from which you benefit by drawing up what is called a 'Deed of Variation'. This can be a highly effective way of saving inheritance tax.
You sign a 'Deed of Variation' asking for all or part of your inheritance to be given to someone else. You can do this even if you've already accepted the gift in question but you must do so within two years of the deceased person's death. For tax purposes, the gift is then treated as if the new beneficiary was entitled to the gift directly under the terms of the will.
Deeds of Variation cannot be used to reduce gifts unless the person who's received the gift agrees. Therefore you can't reduce gifts given to minors or those suffering from mental disabilities.
If a member of your family has died within the last two years without making a tax efficient will please contact our Private Client team to see how a Deed of Variation could minimise inheritance tax.
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Every family should have an estate planning strategy. The following milestones in a family's history are occasions to start or review a family's estate planning strategy:
• On buying a house
• On the birth of children/grandchildren
• On members of your family reaching 18 years
• Before each member of your family reaches 25 years
• On a significant change of a family's financial circumstances
• On the sale of a family business
• On separation or divorce
• On retirement
• On death
• Within 2 years following the death of a family member (see Deeds of Variation)
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The purpose of estate planning is to preserve, protect and pass on family wealth. By organising your financial affairs you are able to reduce the inheritance tax payable on your estate.
Estate planning has to be tailored to take account of your specific wishes, expectations and your wider family needs. It is a bespoke service and not a retail product. Estate plans evolve and should be continually revised. Remember, it's never too late to start.
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Though wills are normally drafted to take account of likely future circumstances, it is wise to review your will every few years to reflect changes in your life and taxation. You should review your will on any of the following events: • Entering into a marriage, registered civil partnership or living together
• Moving house, moving abroad or changing jobs
• The birth of children or grandchildren in the family
• The death of your spouse, partner or other family member of your family
• On members of your family reaching 18 years
• Before each member of your family reaches 25 years
• Divorce or separation within the family
• On the sale of a family business
• A significant change in personal finances
• The death of your spouse, partner or other member of your family
• On retirement
• Within 2 years following the death of a family member (see Deeds of Variation) |
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Will drafting is a highly specialised area of law that should only be undertaken by qualified, experienced professionals who are properly insured. There are often hidden complexities not appreciated by an individual or catered for in a 'ready-made' will which only come to light on a proper review and consideration of personal circumstances. Attempting to save the relatively modest cost of a professionally drafted will could subsequently cause distress and financial loss to your loved ones. |
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Private Client
