It was on November 13th, 1789, that Benjamin Franklin wrote in a letter to Jean-Baptiste Leroy a phrase that has reverberated ever since:

“Our Constitution is now established, and has the appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.” 

EcoWILLS can help you to understand the tax impact of the terms of a Will, and to help you find alternative terms that could perhaps better suit the needs of any beneficiaries of your Will.

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Talk To Us As Soon As Possible

No matter what your circumstances are, we can get your wishes drawn up into a new Will, quickly and more importantly, very affordably. We will guide you through the process, including drawing up the necessary forms, overseeing the signature process, and carrying out the Will registration for you.

When you die, your estate will be valued and this value, added to any transfers in the 7 years prior to death, will be subject to inheritance tax (IHT). Generally, any excess over the nil-rate band (currently £325,000) will be chargeable to inheritance tax at 40%, less any lifetime inheritance tax paid on transfers. There can be reduced to an inheritance tax rate of 36% if your estate qualifies as a result of a donation of 10% (of your estate) or more to a charity in your will.

The Finance Act 2016 introduced a further transferable nil-rate band applicable to the transfer of the family home, applicable from 6 April 2017.

Now, married couples and registered civil partners can pass on an unused inheritance tax threshold to effectively increase the threshold on their estate when the second partner dies – to as much as £650,000 in 2015/16, increasing to £1 million with the transfer of the new family home allowance.

It’s Never Too Late

Your Will sets out how you wish for your estate to be distributed to beneficiaries. Without a Will, the estate will be distributed according to the rules of intestacy, which may not be in line with your wishes

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Despite your best intentions, the distribution of your wealth by Will can cause unintended consequences, in terms of tax and in other areas. And it is for this reason, a Deed of Variation can be created within 2 years of the date of death in order to change the terms of the Will.

This can also be used to provide for someone left out of the original will, to reduce inheritance tax or other taxes, or simply to clear up ambiguities in the Will. From a tax perspective, the Deed of Variation is treated as if the original Will always had the terms of the deed, rather than being a subsequent change.