Giving away assets to your loved ones with warm hands, when you are still fit and healthy, is a readily available means of reducing Inheritance Tax (IHT) liabilities.
Probate & Estates
A penniless Eastern European man who had made his fortune in his lifetime decided to make his own Will which meant that his £2.75 million estate may not have reached the beneficiaries he wanted them to on his death. The following case details the problems of making a Will without the proper legal advice.
Drafting wills may appear easy and many people are tempted to save a few pounds by dispensing with legal advice. However, as one High Court case clearly showed, the words used can have particular legal effects that could not be foreseen by a layman and a thorough knowledge of the law is therefore essential.