Trusts and executorships
Trusts are relatively easy and very tax efficient way to set aside assets for future beneficiaries outside of the inheritance tax net. We can advise on the most suitable type of trust for your purposes, set up trusts, and provide a full range of accounting services for trusts.
We can also advise you on the preparation of your will. If you do not have a will the government will decide who inherits your possessions, property and money. Who inherits your estate will be decided by the Law of Intestacy (1925) and as you can imagine they are unlikely to divide your assets in the way you would choose. Under the Law of Intestacy if you are unmarried and have no close relatives your Estate will automatically pass to the Crown if there is no valid will in place.
Writing a will can greatly reduce the amount of inheritance tax due on your estate or even eliminate it altogether. Certain assets can be given to particular people and organisations without inheritance tax being charged on them. This then allows you to provide more money for the people you want to receive it rather than paying it to the taxman. With careful planning we can help you to mitigate the tax due on your estate.
Where appropriate, we can act as trustees or executors.
Contact Us today to discuss how you can take advantage of this extremely useful tax planning tool.