How savvy Sir Terry saved family thousands thanks to careful estate planning
Sir Terry Wogan left just £1m in his will – saving his family from losing out on thousands of pounds with careful estate planning.
19 April 2017
The popular radio and television broadcaster, best known for hosting the BBC Radio 2 breakfast show and presenting Children in Need, died last year aged 77.
With earnings peaking at £800,000 a year at one point in his career you might be surprised to hear that he only left a net estate of £1,047,576 to his family. Survived by his two sons, Alan and Mark, and daughter, Katherine, it is thought that the bulk of his estate will be left in his will to his wife of 51 years, Helen.
To ensure the value of your estate falls below the taxable limits there are a number of tax planning steps you can take, some of which he most likely took too.
If you own assets personally they become a part of your taxable estate. Making changes to the ways you manage your assets can alter the way in which they are controlled upon your death. Alternative ways in which you can hold assets include through a company, a trust or a pension fund.
Residence Nil Rate Band
From 6 April 2017, you will be able to pass on part of the value of your family home to your children without tax charges using this new tax band.
All information was correct at the time of publication.