We help you to make the most tax-efficient decisions so that your estate can be shared out in the way that you wish after your death. We will advise on any opportunities for Inheritance Tax reliefs and exemptions, as well as explain how inheritance tax could affect your assets in the future.
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Unless you leave your estate to someone who is an “exempt beneficiary” (usually a spouse, civil partner or charity) Inheritance tax (IHT) at 40% will be applied to your estate once it exceeds a legally set threshold. The amount of your estate you can leave without paying Inheritance Tax will depend on a number of factors and our specialist lawyers can advise you how to minimise the Inheritance Tax payable depending on your own circumstances.
Planning your estate ahead of time is a wise move for everyone even if you don’t think that there will be Inheritance Tax to pay when you die
The current rate of Inheritance Tax is usually 40%, (in some circumstances this can be reduced to 36% and we can advise how this can be dne) but this could be changed in future. Not all estates will pay Inheritance Tax but to check whether it will be payable on your death you need to speak to one of our experienced lawyers.
Your estate is the value of all of the assets you own such as property, capital, investments and personal belongings. When working out whether Inheritance Tax is payable it may also include joint assets, assets in trust , and some gifts you made during your lifetime. As such, estate planning is complex and incredibly individual.
Inheritance Tax is paid from your estate before the assets are distributed to your beneficiaries Therefore, IHT directly impacts the amount of inheritance your loved ones will receive.
Planning ahead allows you to clearly identify who should get what from your estate. Going above and beyond a will lawyer, estate planning solicitors ensure your wishes are met even in the face of government regulations and changing inheritance obligations. Inheritance tax planning allows you to consider all available reliefs and exemptions so that you can maximise the value of the inheritance you pass to your beneficiaries.
Estate planning solicitors show you the most tax-efficient options for your estate. With a sharp sense of this changing area of law, these solicitors work with specialist advisors to create up-to-date documentation that’s both legally sound and financially favourable.
At Lockings, we offer a bespoke inheritance tax planning service to consider everything you own, from property to trusts and more obscure assets. We never give generic tax advice or make quick decisions without debate. We work with you to form a financially sophisticated plan assembled according to your assets and wishes for the future.
Yes. A specialist Will lawyer will help you to draft and sign a Will that complies with the Wills Act 1837. It’s highly advised to enlist the help of a specialist when writing a will to make sure its clauses are clear and unambiguous DIY Wills are more likely to be disputed on your death and can ultimately mean that there are unexpected legal bills associated with administrating your estate. DIY Wills are often unclear and may mean that the people you want to benefit will not inherit from your estate. At Lockings, we have will lawyers and estate planning solicitors in the same team to draw up legally correct documents, while advising on the best course of action when it comes to your estate.
If you are a customer of Lockings Solicitors and we have contracted with you online you may be entitled to use the EU Online Dispute Resolution (ODR) Platform to assist in resolving any dispute with us. This service can be found at https://ec.europa.eu/odr.
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The content on this website is for information only and is not intended to provide specific legal advice to a particular case. Should you require legal advice in relation to your particular situation then please do not hesitate to contact us.
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