In order to have control over what happens to your assets after your death, estate planning is essential. If your planning is effective it can help to protect as much wealth as possible and help it be passed to the correct people. Changes to Inheritance Tax came into force from 6th April 2017. An additional nil-rate band was introduced which is good news for married couples who wish to pass a family home onto their children or grandchildren, however not every estate will wish to do this. Working out how much Inheritance Tax could potentially be taken from your estate could help you to plan before it becomes an issue for your inheritors. Seeking professional financial advice could help you to work out your estate plan.
