28 May 2010
Consumers 'should draw up wills'
Consumers seeking to maximise the amount of money they leave to friends and family in the wake of their deaths should ensure they draw up a will.
This is according to an article in the Telegraph, which noted that there are a number of ways in which individuals can make the most of their legacies.
It noted: "Writing a will reduces the inheritance tax burden for your beneficiaries and all gifts made more than seven years before the donor dies are free of [the duty]."
Meanwhile, Richard Mannion of accountants Smith & Williamson concurred with this view.
He suggested that by producing a will, consumers can "take advantage" of the various tax reliefs that are available.
The advice was given following the Conservative Party's decision to shelve plans to raise the point at which inheritance tax kicks in from £325,000 to £1 million.
It had to change this policy as a concession to its new coalition partner, the Liberal Democrats, after it failed to achieve a working parliamentary majority in the general election on May 6th.