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.
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.
It may seem tempting to get a ready made Will form from the internet or a shop so you can complete it without the need to consult a lawyer thereby cutting the costs, this may be somewhat short sighted however, as the following case in which a woman completed three forms without seeking any legal opinion shows.
Mental capacity is one of the considerations when a Will is determined to be valid, which is a good reason to make your Will as soon as possible with the help of a solicitor. The case of a man who left it until a couple of months before he died of cancer allowed an opportunity for his relatives to challenge the Will in the High Court.