Reviewing your Will for tax purposes ou may be used to your professional advisers regularly reminding you of the importance of having an up-to- date Will in place, especially to ensure that your assets are passed onto those who you wish to benefit from them. But, how often do you consider whether your Will is still effective for tax purposes? It is often a change in family circumstances that results in a new Will under a pension are paid at the discretion of the pension trustee, they do not usually form part of your estate for inheritance tax purposes and are not usually inherited under your Will. So, who do you wish to Inherit your pension policies? You should and unexpected tax liabilities. It is therefore important to complete a periodic review of your financial position from an inheritance tax perspective and understand your current potential exposure. Consider lifetime giving as a way to mitigate your estate's liability sooner rather than later, to make the most complete an 'Expression of Wish' form of the seven-year period for a gift to be exempt from inheritance tax. Make sure you take advice from with your pension providers to ensare your wishes are documented and keep this updated. It may also be the case that nominated beneficiaries are able to retain being drawn up, such as marriage, the birth of children or grandchildren or if you have young children, you may wish to review and appoint new guardians in your Will. But reviewing your Will is also vital in light of the impact of COVID-19on your business and investments, and the professionals to understand the tax implications before gifting assets to family or friends. Inheritance tax, capital gains tax and stamp duty land tax may all be relevant on a non-cash gift. For cash gifts only the tax advantageous pension wrapper in the form of a beneficiary's pension. It is good to start the New Year with the confidence that you have taken the best advice and planned ahead, for whatever life throws at you. inheritance tax needs to be considered. Consider your income and capital before making gifts. Making gifts should not be to the detriment of your general effect of Brexit on overseas assets. 2020 was a year that certainly caused some significant changes for everyone both personally and financially so now is the time to revisit your planning. It is also important to remember there may be changes to the assets you own, any tax reliefs available against their value and changes to the tax legislation. This may in turn impact on your inheritance tax liability, and consideration is needed as to who will bearthat liability. Achange standard of living, so reviewing what you need for the longer term as part of this process is essential. Check if your life insurance policies are written in trust. Where policies are written in trust it may mean that when funds are paid out, they do not automatically form part of your estate and may not be subject to inheritance tax. You will need Sarah Mannooch Solicitor, Director of Legal Services 0330 124 1399 sarah.mannoochekrestonreeves.com to discuss with your advisers what type of Incircumstances whlch has not been Ilife insurance trust is most suitable, who considered in detail coukd potentially lead to some significant issues and unnecessary KRESTON REEVES will be your trustees and who to benefit. And for pensions, where the benefits Kreston Reeves has offices in Brighton, Chichester, Horsham, Worthing, London and Kent. www.krestonreeves.com Reviewing your Will for tax purposes ou may be used to your professional advisers regularly reminding you of the importance of having an up-to- date Will in place, especially to ensure that your assets are passed onto those who you wish to benefit from them. But, how often do you consider whether your Will is still effective for tax purposes? It is often a change in family circumstances that results in a new Will under a pension are paid at the discretion of the pension trustee, they do not usually form part of your estate for inheritance tax purposes and are not usually inherited under your Will. So, who do you wish to Inherit your pension policies? You should and unexpected tax liabilities. It is therefore important to complete a periodic review of your financial position from an inheritance tax perspective and understand your current potential exposure. Consider lifetime giving as a way to mitigate your estate's liability sooner rather than later, to make the most complete an 'Expression of Wish' form of the seven-year period for a gift to be exempt from inheritance tax. Make sure you take advice from with your pension providers to ensare your wishes are documented and keep this updated. It may also be the case that nominated beneficiaries are able to retain being drawn up, such as marriage, the birth of children or grandchildren or if you have young children, you may wish to review and appoint new guardians in your Will. But reviewing your Will is also vital in light of the impact of COVID-19on your business and investments, and the professionals to understand the tax implications before gifting assets to family or friends. Inheritance tax, capital gains tax and stamp duty land tax may all be relevant on a non-cash gift. For cash gifts only the tax advantageous pension wrapper in the form of a beneficiary's pension. It is good to start the New Year with the confidence that you have taken the best advice and planned ahead, for whatever life throws at you. inheritance tax needs to be considered. Consider your income and capital before making gifts. Making gifts should not be to the detriment of your general effect of Brexit on overseas assets. 2020 was a year that certainly caused some significant changes for everyone both personally and financially so now is the time to revisit your planning. It is also important to remember there may be changes to the assets you own, any tax reliefs available against their value and changes to the tax legislation. This may in turn impact on your inheritance tax liability, and consideration is needed as to who will bearthat liability. Achange standard of living, so reviewing what you need for the longer term as part of this process is essential. Check if your life insurance policies are written in trust. Where policies are written in trust it may mean that when funds are paid out, they do not automatically form part of your estate and may not be subject to inheritance tax. You will need Sarah Mannooch Solicitor, Director of Legal Services 0330 124 1399 sarah.mannoochekrestonreeves.com to discuss with your advisers what type of Incircumstances whlch has not been Ilife insurance trust is most suitable, who considered in detail coukd potentially lead to some significant issues and unnecessary KRESTON REEVES will be your trustees and who to benefit. And for pensions, where the benefits Kreston Reeves has offices in Brighton, Chichester, Horsham, Worthing, London and Kent. www.krestonreeves.com