Couples urged to review Wills ahead of IHT changes

UK couples are being urged to seek specialist legal advice to review their Wills ahead of importance inheritance tax (IHT) changes due to take effect from April 2017.

This spring, the new Residence Nil Rate Band (RNRB) will entitle couples and individuals to an additional tax-free allowance if they leave their estate to their children, grandchildren or other ‘qualifying beneficiaries’.

Other ‘qualifying beneficiaries’ include step children and foster children – but it is of crucial importance that individuals act quickly in order to ensure that they will qualify for the RNRB.

A recent study revealed that people all across the UK have a very limited understanding of the importance of IHT and estate planning.

Almost a quarter of UK homeowners stated that they did not know that their home was liable for IHT, while a third said that they were unaware that IHT is also payable on cash savings.

It is thought that many more have never heard of the RNRB and are unaware that they could reap huge benefits should they seek specialist legal advice in good time.

If you want to find out more, Law-Match offers free advice on RNRB by email or over the phone.

Not only does Law-Match give you access to a lawyer within one hour of sending us your enquiry, we also provide a telephone or face to face consultation at no charge. This means you can explore your options and quickly make informed decisions, without spending a single penny. The Law-Match network of firms will also guarantee that you will benefit from a discounted rate on their standard charges, or wherever possible no-win-no fee, to give you complete peace of mind.

Enjoy the benefit of a free consultation with an expert lawyer today by clicking here. It takes less than a minute to register your legal issue and you may find a solution quicker than you think.