Posted on: 15 May, 18
When we die, we like to imagine that we can pass on our assets to our loved ones so that they can benefit from them. In order for them to benefit fully from your assets, it is important to consider the impact of Inheritance Tax.
inheritance Tax is payable on everything you have of value when you die. This includes your home, jewellery, savings and investments, works of art, cars, and any other properties or land, which includes any that are overseas. But there are certain circumstances if you put assets into certain types of trusts, for example, when Inheritance Tax becomes payable earlier.
When you die, your assets become known as your ‘estate’. There is normally no Inheritance Tax to be paid if the value of your estate is below the Inheritance Tax nil-rate band (NRB) threshold of £325,000, or you leave everything to your spouse or registered civil partner, or you leave everything to an exempt beneficiary such as a charity. Unmarried partners, no matter how long-standing, have no automatic rights under the Inheritance Tax rules.
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