Most married couples who make wills simply leave everything to each other. However, this is not always the best thing to do because it may mean that long term beneficiaries end up paying far more Inheritance Tax than is necessary.
Many people exceed the current Inheritance Tax threshold but would not have done so a few years ago simply due to significant increases in domestic property prices in recent years.
It is essential that a husband and wife make wills that both ensure that their property is divided up as they want it to be but also that this is done in the most tax efficient way possible to avoid your family and loved ones losing a sizeable part of their inheritance.
Bespoke planning using insurance policies and/or trust arrangements can effectively mitigate the effect of this tax whilst also enabling clients to retain income from and access to their capital.
Please click here to arrange to talk to MFS who will be able to provide practical solutions to your complex tax problems.