- Sir Bruce made a Will (if you don’t have a Will your estate can lose out when it comes to inheritance liability and can become embroiled in expensive litigation to resolve family entitlements); and
- Since Sir Bruce’s Will was prepared by a regulated professional legal service provider all the tax saving opportunities available to Sir Bruce’s estate were able to be fully utilised without accidental liability being caused to the estate or his intended beneficiaries (unregulated legal service providers are often poorly trained and only capable of filling the blanks in standard forms); and
- Sir Bruce’s Will saw to the needs of his spouse as required by the Inheritance (Provision for Family and Dependants) Act 1975 (without a Will Sir Bruce’s widow Wilnelia might have found herself embroiled in costly and emotionally harrowing litigation with Sir Bruce’s children who might otherwise have been persuaded to “chance their arms” and seek greater financial provision from Sir Bruce’s estate); and
- Sir Bruce gifted £100,000.00 of his Nil Rate Sum to the children of his former marriage to: Debbie, Julie and Laura, Penny Calvert, Charlotte and Louisa (to a regulated legal service provider such as Quality Solicitors Acklam Bond this is basic inheritance tax planning whereas an unregulated legal service provider might never have considered this strategy); and
- In making the gift of £100,000.00 Sir Bruce very cannily recognised that the loss of this part of the Nil Rate Sum would probably be offset by the Property Nil Rate Sum transferable to his wife’s estate (the Property Nil Rate Band can greatly reduce your inheritance tax bill but careful drafting by a regulated legal service provider such as Quality Solicitors Acklam Bond is needed to ensure that this is not lost by the creation of unintended trusts or targeted taxable arrangements); and
- Sir Bruce’s Will gifted the remainder of his estate (£11.5 million) to his wife (who like all spouses or married civil partners is an exempt beneficiary for inheritance tax purposes) such that no inheritance bill would be rendered against his estate.
The beauty of all of this is that if you engage the services of a regulated legal service provider such as Quality Solicitors Acklam Bond you too can have a Will drafted that is just as clever as Sir Bruce’s Will: A Will that takes care of your spouse/civil partner and children while simultaneously mitigating or even eliminating inheritance tax altogether.
Call QualitySolicitors AcklamBond now on 01254 872 272 to secure your appointment.