There’s a lot of available information online about what taxes you need to pay and ways you can save paying taxes.
A good place to start is the Daily Mail’s online money website.
If you go to http://www.dailymail.co.uk/home/frame-money.html then on the left in the personal finance section, click on ‘Tax & Wills’, you’ll find lots of helpful advice on different parts of the taxation systems, including charts which show you just how much tax you should be paying.
If you scroll down the page you’ll find a section called ‘Inheritance Tax Advice (IHT)’, with a link to ‘Ten steps to cut IHT.’ You’ll then dash into both tax advice and tax tips.
‘Ten easy ways to pay less tax’ takes you through sections which we all think we know already, but do we?
That’s next to ‘ten tips to save IHT.’ Planning here could save you hundreds of thousands of tax money later.
‘Ten tips for a perfect Will’ takes you sensibly through the subjects that matter most:
1. Choose who draws up your will wisely
2. Choose your executors well
3. Appoint a default or substitute executor
4. Appoint guardians
5. Appoint trustworthy trustees
6. Make specific legacies
7. Make sure you leave a residual legacy
8. Save tax with a trust
9. Sign your will
10. Get it stored safely
That’s an excellent list of matters to consider. Of course it’s not everything as each person has their own individual circumstances. However, taking the advice in item number one; once you’ve chosen who will draw up your will for you (and please don’t try and do it yourself, solicitors make more money from sorting out these mistake ridden wills than writing wills) you’ll be able to ask an expert all about your circumstances and discuss the best routes to complete your last will and testament.
Of course in the want to know more there’s mention of the Daily Mail’s will writing service, click on ‘will writing service’ or ‘will writing help’ on the initial tax page and you’ll see who The Mail online recommends to complete your will for you.
To save you all the clicking (and maybe some tax), it’s LSUK Limited; that’s us!
Filed under: Legal Advice
This is a very serious document that you should read as much about as possible especially if you are to be an executor.
There is normally a lot of cost and organisation involved after someone dies and having someone in mind you know who’s been through the process will help considerably (this would be a very hard times. You will need good people close). This can be a friend or family member as well as professionals.
For most people this is a very simple document and the tax implications only kick in if your estate is valued over the Inheritance nil band of currently £312k and =double this if you are married and leaving everything to your spouse. I say currently as this figure usually increases every year and the law can change before you die.
Excellent advice. It’s a job that’s often underestimated.
That’s pretty good advice. A will is an important document for you as well as the people mentioned in it. Great care must be taken to ensure that it is prepared well.