Questions that clients ask during a meeting to make a Will / Lasting Power of Attorney

Written By Alison Robinson

How will I be affected by Inheritance Tax?

How will I be affected by Inheritance Tax?

Inheritance tax (IHT) is a tax paid on the value of your estate when you die; in simple terms your estate refers to everything you own – your money, property, possessions, investments, and any other valuable things you have. Careful planning can help minimise the burden of IHT and ensure your loved ones inherit more.

Nil rate band (NRB) – every individual in the UK has a tax-free allowance for inheritance tax known as the nil rate band, currently set at £325,000. This means that the first £325,000 of your estate can be passed on tax-free, and the remainder might be taxed at a rate of 40%.

Lifetime Lawyers www.lifetimelawyers.org.uk/Public/Public/How-can-we-help/Tax-Planning.aspx have a great information page on tax planning, definitely worth a read.

Alison Robinson
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Questions that clients ask during a meeting to make a Will