Tax Tip - Make a Will

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It’s surprising that so many people still die intestate (i.e. without a will).

Wills can now be drafted so easily and at such a low cost that it makes good sense to make one. It can save a lot of needless heartache and stress for loved ones left behind, not to mention substantial tax savings.

Drafting up a simple will gifting all your worldly goods to your spouse/civil partner will also see you avoid IHT on your entire estate, as these are exempt from IHT.

Remember, should the nil rate band not be fully used upon the first death then the unused percentage is available on the death of the deceased’s spouse/civil partner.