Whole of Life

Many of us work exremely hard for the lifestyle we want and build up a portfolio of assets, that will enable us to hopefully enjoy a long and happy retirement. Some of us do not unfortunately reach retirement, but whether you do or not, the assets you build up and consequently the value of your estate(which include all money, property and possessions), may lead to an Inheritance Tax liability(IHT).

Rather than be able to pass on the your whole estate to those you leave behind, the taxman will take a proportion of your estate over the IHT threshold (currently £325,000 per person), unless it passes on under an exempt transfer.

When a person dies, dependent on the value of their estate at death, probate may be required. This gives an individual(s) the legal right to deal with someones estate. The key element in this though, is that the until the IHT liability is settled probate will not be granted, and unless sufficient funds are held it may be that a loan is required to settle liability enabling the deceased's money and possessions to be released.

A Whole of Life policy can be put in place to cover the excess over the threshold, written in trust, would be held outside of the estate, and thus provide sufficient funds to clear the liability and enable probate to be grnated much quicker.

If you have concerns about exceeding the Inheritance Tax Threshold, and would like to discuss this, ways to reduce the liability, or an idea of cost for a suitable policy, please fill in the form below or contact us and we will get back to you, to help you assess your positionin full

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