Experts Call For Public To Assess Future Planning

Specialist will experts at Irwin Mitchell have backed fresh calls from financial experts urging families across the UK to review their wills to ensure they benefit from proposed changes to inheritance tax regulations.

DeVere United Kingdom has urged the public to ensure that their wills are in line with the thresholds introduced in George Osborne’s Summer Budget in July, where a property allowance on homes passed to children or grandchildren was introduced. This effectively could mean an additional £325,000 tax free allowance by the tax year 2020-2021 providing a number of criteria are met.

Mike Coady, managing director of DeVere, has warned that “the devil is in the detail” and families need to review wills to ensure that they benefit from the changes.

The calls have been welcomed by Irwin Mitchell’s specialist Wills team, who provide advice and support to those who are planning for the future.

Expert Opinion

“The proposed changes, whilst increasing the inheritance tax allowance for some, are complex. It is vital that people now regularly review the wills they have in place to ensure that their wishes will be met and that they benefit from this increase relief. It is particularly important to review Wills if those earlier Wills contain trusts. <br/> <br/>“Keeping a will up-to-date is absolutely vital to ensure that it meets your needs and your hopes for your loved ones. <br/> <br/>“We would urge anyone who is yet to consider the impact of these changes to speak to legal experts as soon as possible to ensure that their will is fit for purpose.” Gillian Coverley - Partner