WHOEVER WINS ON MAY 7 – UPDATE YOUR WILL NOW!

Ed Miliband recently got into hot water for using a deed of variation to minimise tax on his father’s estate.

Current law allows beneficiaries of an estate, in effect, to rewrite the deceased person’s Will to minimise their own inheritance tax and capital gains tax.

Wisely, the Milliband family chose to do that. But it looks as though that option may soon be taken away.

The Chancellor announced a consultation on deeds of variation in his recent Budget. This was widely interpreted as a jibe at the Milliband family. But the ability for beneficiaries to sign a deed of variation may well be removed soon after the next election.

That means that the option to rewrite a Will after death, be it for tax reasons or because the beneficiaries consider that the Will does not reflect the deceased’s wishes, would be taken away.  We advise you therefore to review your Will and tax position now and make sure that your Will is up-to-date and as tax efficient as possible. Not to review your Will and tax affairs urgently could put your family at risk of paying more tax in the long run.

For more information please contact Ann Corke or other members of the Private Client department here at Humphries Kirk LLP on 01929 423301