A change in the law around inheritance tax in Essex and throughout the rest of the country is a timely reminder to people – and their professional advisers – about the importance of reviewing their affairs regularly.

Inheritance tax is always a tricky issue and now people are being warned that they and their loved ones could lose out because of now-redundant discretionary trust clauses.

People are being told to check their liability in the light of the soon to be introduced main residence nil-rate band. The allowance, introduced in the Summer Finance Bill 2015 to provide for an additional main residence nil-rate band for an estate if the deceased’s interest in a residential property, which has been their residence at some point and is included in their estate, is left to one or more direct descendants on death, is to be introduced gradually from April 2017. It will eventually be worth up to an extra £175,000 per person by 2020/21.

Good news, but for married couples who chose to include a clause allowing the creation of a discretionary trust for their children or grandchildren upon first death to use their inheritance tax nil-rate band, it could be problematic unless you get the advice you need from service providers like Andrew Douglas Wills and Legal Services in view of the fact that the new legislation renders this clause redundant.

Do not worry, though – as with so many things in life, once you’re aware of the problem fixing it is relatively simple, or will be with the help of your professional wills and probate adviser. For advice on the new allowances for inheritance tax in Essex and throughout the rest of the country – and whether you need to change your will to address them – contact us now at Andrew Douglas Wills and Legal Services. Or, if you are making a will for the first time and want professional help and advice, log on to our website at www.andrewdouglaswills.co.uk and contact us now at Andrew Douglas Wills and Legal Services to make your appointment today.

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