One of difficulties facing anybody when writing a Will and planning to leave their estate in as tax efficient manner as possible is that the tax laws of this country never seem to stand still for long. They are constantly changing and evolving with each successive Budget. Indeed, this is one of the reasons why we advise our clients to review the terms of their Wills with us at least every three years.
Nevertheless, for a variety of reasons, people do pass away leaving assets to their friends and loved-ones in a manner which is not as tax efficient as it might be. All is not necessarily lost, however, as the law provides a two year period in which retrospective changes to a person’s Will can be made so as to improve it's tax efficiency in light of the tax laws as they stand at the date of that person’s death.
It is to be emphasised that this is not a straightforward area. There are hurdles to clear and pitfalls to avoid before a person’s Will may be successfully varied in this way, including obtaining the consent of all parties benefiting from the deceased’s estate. With the right advice and a sensitive approach, however, we have frequently been able to save significant sums for the beneficiaries of such estates, whilst still respecting in full the deceased’s wishes.
Our team are skilled at spotting such opportunities and working closely with executors and beneficiaries to achieve a result that benefits all.