New Will to mitigate Inheritance Tax and preserve Residence Nil Rate Band

Testimonial:

"We are content that our future has now been assured."

"Sohret Haffenden and support staff have been extremely professional adding invaluable insight into the whole process of Wills and Power of Attorney. She had added value and gave very good advice which was much appreciated. Content that our future has now been assured we are treating ourselves to a welcome wine in the garden!"

How Berry and Lamberts helped:

This was a straightforward Will instruction whereby husband and wife were leaving everything to each other and on their death, to their children in equal shares. On reviewing our clients’ Estate it transpired that there was a strong possibility that the net value of the surviving spouse’s Estate would be over and above the available thresholds, making the Estate chargeable to Inheritance Tax. There was also a strong possibility that the Estate would be over and above £2,000,000, plus twice the value of the Residence Nil Rate Band, which would mean the surviving spouse’s Estate would not eligible for the Residence Nil Rate Band (currently £175,000). This would automatically mean the Transferable Residence Nil Rate Band from the first spouse’s Estate would also be lost. This situation would create an Inheritance Tax bill unless provisions were made in their Will now.

We advised the clients on how to protect their Estate to ensure the Residence Nil Rate Band was not lost on the first spouse’s death and to protect against care home fees should either spouse need to move into permanent residential care.

New Will to mitigate Inheritance Tax and preserve Residence Nil Rate Band

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