The financial benefits of leaving a Will
Inheritance tax is paid if the value of your estate exceeds the threshold set by the Government – currently £325,000. Inheritance tax of 40% is paid on the amount that exceeds this threshold. Out of every £1 over the threshold your beneficiaries will only keep 60p, and 40p will go to the Government.
If you leave a charitable gift it will be deducted from your estate before Inheritance tax liability is calculated. You may qualify to pay Inheritance Tax at a reduced rate of 36% if you
leave at least 10% of your net estate to charity. For the latest information, please visit: hmrc.gov.uk
Drafting your Will
We always recommend asking a Solicitor to draft your Will, and it is a good idea to review your Will at least every five years to make sure it still reflects your wishes, especially if your personal circumstances have changed.