Most people don't like to think about making a Will but in this case study you can see how important and efficient it really can be...
Tony and Jackie were married with one son, Charlie. They had a house worth £300,000 and savings of £150,000. They sought guidance from the specialist Private Client team at Alexander Harris as they wanted to draft a Will. Their intentions were to leave their assets to the surviving partner on the death of the first, and everything to Charlie on the second death. The Private Client team explained to them that if they drafted their Wills like this, after the death of the second partner inheritance tax of £74,800 could be payable.
The Private Client team showed them that if they were to draft their Wills slightly differently, using a Trust on the death of the first of them to die, rather than passing everything straight to the survivor, they could save all of this tax and their entire estates could pass to Charlie, inheritance tax free.
Sadly Tony died a few months later, Alexander Harris helped Jackie with sorting out the administration of his estate. Because the Private Client team had used sophisticated drafting skills when preparing the Wills, Jackie found that she could have all the assets in Tony's estate transferred into her name and she could do whatever she wished with them during her lifetime. On her death, no inheritance tax was due at all and Jackie's estate, which had by then grown to nearly £500,000, passed to Charlie inheritance tax free.
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