Inheritance Tax
Inheritance Tax can be a complicated subject. Below you will find some information you might find useful.
On the 9th October 2007 the rules affecting married couples, civil partners, widows and widowers changed. For information about this or any other aspect of Inheritance tax see below or phone us on 020 8945 0323
Introduction
Part 1
Inheritance Tax | Exemptions | Potentially Exempt Transfers, Gifts With a Reservation
and Capital Gains Tax | Life assurance and pension policies
Part 2
Subsequent claims against your estate
Part 3
Deeds of variation
Part 4
Reducing Inheritance Tax
Part 2
Subsequent claims against your estate
Under the Inheritance (Provision for Family & Dependants) Act 1975 it is possible for certain persons to make a claim against your estate if you have failed to make reasonable financial provision for them.
The persons who can make such a claim include a spouse and also a former spouse (within time limits) A former spouse cannot however make a claim if she or he has remarried or if the Court barred such a claim on the grant of the divorce. A child can also make a claim as can any person who immediately before your death was being maintained wholly or partly by you.
Such a claim would normally have to be made within six months of Grant of Probate of your Will. If there is a possibility of a claim then your executors will probably defer distributing the bulk of your estate until after this time period has expired.
It is possible to protect a Will against the possibility of such claims or make them less likely to be successful by taking some simple precautions. For example explaining clearly in the Will or in a separate document why someone has been left out. Or if someone may challenge your state of mind, getting a statement from a doctor confirming you are fit to make a Will.
If you think you may need advice on this aspect do let us know before we draw up the Will
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