Where to get advice on Inheritance Tax and wills?

[Fudgeball123]

We need to rewrite our wills as they are 10 years old and life has moved on.

The wills will be more than 'basic' and beneficiaries would need to pay inheritance tax. So can I go to any solicitor who deals with wills? Or do I need someone a bit more specialised? Or should I ask some kind of financial adviser first?

Yes see a wills solicitor. They can advise on all aspects of this.

It depends how far outside the norm IMO. Any solicitor who does wills can deal with things like creation of a property trust or leaving life interest in property, that kind of thing. They can also advise on inheritance tax issues. If you Google inheritance tax solicitor loads come up including all the major high street firms.

But if we are talking very high net worth, existing complex trust or business ownership arrangements then potentially you'd want someone more specialised and potentially an accountant rather than a solicitor to advise in the first instance?

Thank you both.

@Fudgeball123
Your estate pays IHT. Not the beneficiaries. It’s a common mistake to think the beneficiaries pay. It’s paid before beneficiaries get 1p.

We used a solicitor but we also have independent financial advice about investments. If your investments are complex you need to understand how the tax works and what you can do to lessen the tax due. We find the best way is to start giving sums away. As we have.

Your solicitor will go through options about how to manage your wills in a tax efficient way (maximising IHT threshold) and also discuss the implications of how you wish to leave your estate.