It comes as a surprise to a lot of families when they have lost a loved one and end up having to pay inheritance tax on their estate. When you have worked hard your whole life to build up your assets, you will want to ensure that your wealth is passed onto your loved ones. In order for this to happen you will need to ensure that you have taken appropriate advice before it is too late.
Inheritance tax is not just applicable to wealthy families. With house prices ever increasing, the value of your house could easily take your estate into the realm of liability, especially for those who are not married and/or do not have any children. It is important to know that the law does not cater for cohabitees and there are no additional inheritance tax reliefs available for cohabitees.
Farmers and business owners need to know what will happen to their business in the event of their death. Will their business need to be sold to pay any inheritance tax liability? There may be additional reliefs available for farmers and business owners and advice in this regard should be sought.