Check your will ahead of inheritance tax change

A FROME solicitor is urging people to check their wills to make sure they account for a change in inheritance tax due in April.

From April 2017, the inheritance tax allowance will increase to include a residence nil rate band for couples whose estates are worth between £650,000 and £2million.

Any couples whose estate value falls below £650,000 need not worry and estates valued in excess of £2million will not be eligible for the additional allowance.

Jane Healey, private client solicitor at FDC Law in Frome, stressed that any couple eligible for the new Residence Nil Rate Band should review their wills.

She said, “Unless the will is properly worded, people may not qualify for the new allowance.  If you do qualify, it will increase your tax free allowance from £650,000 to £1,000,000. This change in the law could save an incredible £140,000 in tax on your estate, but it’s important to act quickly before the changes in the law come into effect.

“FDC Law’s friendly and knowledgeable team are happy to help you review your will and prepare new or amendments to existing wills to ensure you maximise the value of your estate for your loved ones.”