Skip to main content

Chartered Accountants and Business Advisers
an efficient, friendly and cost effective service

Does your Estate Planning Pass the Test?

It is never too early to plan your estate. If it is large, it could be exposed to inheritance tax at 40%, and if it is small, advance planning can help you ensure that your assets will go to your chosen beneficiaries. 

Making a Will

Estate planning begins with the following decisions:

  • Who will inherit your assets?
     
  • When should the recipients receive them?
     
  • What limitations will be placed on the recipients?

A Will should also stipulate who is to be your minor child(ren)'s guardian. Although making a Will makes your decision legally binding, the Will can be amended any time you change your mind.

Where should you begin?

Start by completing the following survey. Every 'no' answer indicates an area where estate planning issues should be addressed.

  Yes No
  • Have you made a Will?
___ ___
  • Has your Will been safely lodged so that others can access it after your death?
___ ___
  • Does your Will name a guardian for your children if both you and your partner die while they are still in their minority?
___ ___
  • Have you considered how to fund the inheritance tax liability?
___ ___
  • If you die suddenly, will your executors be able to locate all your records easily?
___ ___
  • Do you have medium-term and long-term financial objectives?
___ ___
  • Do you know the present value of your estate?
___ ___
  • Are you comfortable with the executor(s) and trustees you have selected?
___ ___
  • Have you arranged your affairs to take advantage of the NIL rate band and the inheritance tax exemptions?
___ ___
  • Are you sure you have the right type and amount of life assurance?
___ ___
  • Have you considered a trust to prevent assurance proceeds from being taxed as part of your estate?
___ ___
  • Have you considered making gifts to family members that take advantage of the inheritance tax and capital gains tax exemptions and reliefs?
___ ___
  • Are you sure your estate plan is up-to-date and takes into account all your personal wishes and all your potential tax saving strategies?
___ ___
  • Have you considered how inheritance tax will affect your business?
___ ___
  • Do you know what will happen to your business if you die?
___ ___
  • Do you know that business assets can be given away without your having to pay capital gains tax?
___ ___
  • Do you know how to give away business assets free of inheritance tax?
___ ___
  • Have you considered the use of trusts in estate planning?
___ ___
  • Do you know the advantages of an accumulation and maintenance trust?
___ ___
  • Do you know the intentions of relatives with substantial estates?
___ ___

                              SEEK OUR ADVICE FOR EVERY 'NO' ANSWER

Sign up for free tax tips and business news

Register your details here
to receive our free monthly newsletter, plus tax-saving tips and strategies.