Estate Planning

[DenholmElliot]

It's just occured to me that with the increase in house prices my estate will be worth about £600k when I die, (£400k house, £200k pension) providing I don't need care of course.

How do I put things in place to minimise inheritence tax. Who should I talk to about it? I have an accountant already who does a simple self employed sole trader tax return for me every year, and I have my financial advisor at St James Place who looks after my pension. I know I need to see a solicitor and make a will, I just need to know who is the best person to speak to about minimising inheritence tax.
I'm divorced with 3 kids

TIA

Pensions don’t usually fall within your estate for iht purposes. Your house should be covered by the nil rate band and residence nil rate band. But a private client solicitor can advise more thoroughly.

You need a will asap.
Read up on it yourself before you see anyone.
We have done ours at least 4 times since having DC.
The solicitor has advised us about estate planning although we are only just above the IHT limit as live in a very cheap part of the country.

Are you married?
Each of you has a 325 allowance so £650
Plus an extra allowance for your home.
St james Palace are very expensive and do not offer whole of market. Please search for more information there have been lot of threads re SJP.

You need an estate planning company. They will also do your will and advice you about setting up discretionary trusts, useful for life insurance policies and pensions.

Assuming you leave your house directly to one or more of your children, then you don't appear to have an IHT liability at the moment. £325k is covered by the Nil Rate Band, and a further £175k is available from Residence Nil Rate Band. The pension assets will be outside your Estate. Make sure you have given the Pension Trustees guidance about you beneficiaries using an Expression of Wish form.

I'm a bit surprised that your SJP advisor hasn't already encouraged you to make Will or look at any potential IHT liability - it should be on the agenda for your annual review meetings, if you have them.

Look for a STEP solicitor who will advise you and help write your will. www.step.org