“Don’t underestimate the amount of money you can leave tax free” urges Chelmsford-based solicitor
Many people underestimate the amount they can leave tax free to beneficiaries in their will, according to Chelmsford-based solicitor Alison Goodier.
“Married couples and civil partners can leave their entire estate to each other tax free,” said Alison, Manager of Wills Express, pointing to the example of Bruce Forsyth, who left his large estate to his wife tax free when he died.
Alison added: “Additionally, married couples and civil partners can pass on a potential £850,000 completely free of inheritance tax to chosen beneficiaries due to inheritance tax allowances.”
She said that while each person has an allowance known as the nil rate band on £325,000, not a lot of people know about this.
“If the estate of a married couple or civil partners included a home, there is an extra allowance known as the residence nil rate band of £125,000 each,” said Alison.
She believes therefore that it is vital to gain advice on inheritance tax exemptions and to ensure that you benefit people or charities of choice.
ENDS
Notes to editors:
For more information about Wills Express you can contact Alison Goodier on 01245 698534 or email alison.goodier@willsexpress.co.uk
More information is also available on willsexpress.co.uk