This article makes interesting reading. If what you own is valued over £325,000 and most with a home in London and the surrounding counties will be, then you need to consider how to minimise you potential Inheritance Tax (IHT) liability.
This is definitely a reason to review your Wills but some of the others are
- Your marital status changes i.e. you get married, divorced or remarried
- You have or adopt a child(ren)
- You move home
- A guardian, executor, trustee or beneficiary moves away, dies or no longer can/wants to fulfil the role
- There is a substantial change to your property value
- Your children are no longer minors (under 18) and can manage their own financial matters
- You have forgotten anybody you would now like to mention
- You would like to leave a gift to charity.
Would you like your Will(s) reviewed?
We suggest you review your Will every couple of years just to make sure your loved ones are protected. Most of the time, you won’t need to make any changes. However, if you wish to take advantage of the new allowance against Inheritance Tax (IHT), £100,000 rising by £25,000 to a maximum of £175,000 by 2020, you will need to have left your residential property to a direct descendent so check your copy of your Will to see if that's the case. If it's not it could be time to review you Will.