Making a will 'can reduce tax burden'
Writing a will
can ensure that surviving relatives will not be stung by taxes such as the inheritance tax, one finance expert has said.
Writing for the Scotsman, Valerie Smart, head of tax at PricewaterhouseCoopers in Edinburgh advised people to draw up a will and include a spouse in it to ensure that they inherit the assets left after death.
In addition, all assets inherited by a spouse are exempt from inheritance tax.
The inheritance tax threshold is currently £325,000 and after this amount 40 per cent is taxed.
Ms Smart said: "Making a will to ensure the surviving spouse inherits the assets left on death can greatly reduce any tax burden by combining the benefit of these two reliefs."
However, the inheritance tax threshold might be set to change under the new government.
People can make their own will using a DIY will kit
, which radically reduces the cost of drawing up these important documents by excluding the need for a solicitor.
Written by Christopher Evans
- Making a Will News from Lawpack: save legal fees now with the DIY Will specialists.
Published on: May 18, 2010
Did you like this article? Share it!