The Taxation of Trusts: A Review HM Revenue & Customs launches a new consultation Following the Office of Tax Simplification’s recent review of inheritance tax (see article here), HM Revenue & Customs (‘HMRC’) has launched a consultation in line with the government’s commitment at Autumn Budget 2017 to make the taxation of trusts simpler, fairer…
Wills are essential to the ordered devolution of your estate, to ensure your property passes to your chosen beneficiaries (which it may not do if you do not make a will), and does so in the most effective way.
Wills not only allow you to choose who should benefit, and to what extent, but also:-
- to choose who you want to manage the administration of your estate (your “executors”);
- to choose an age at which young beneficiaries inherit (many consider 18 to be too young);
- to appoint guardians of your children during their minority;
- to create on-going trusts to safeguard vulnerable beneficiaries;
- to minimise your estate’s inheritance tax liability;
- to reduce administration time and expense.
Clients with assets overseas may need local advice on Wills and succession planning. We frequently liaise with overseas lawyers to ensure appropriate testamentary documentation dealing with our clients’ worldwide estate is in place.