Reviewing Your Will

Recent developments highlight the importance of keeping your will up to date.

In this year's Budget the Government announced plans to promote charitable legacies by lowering the rate of IHT from 40% to 36% where at least 10% of the net estate after reliefs, exemptions and the nil-rate band passes to charity.

A recent consultation document sets out this proposal in greater detail. Ultimately, its success will depend on the extent to which individuals feel they have made adequate provision for their dependants prior to making any charitable gifts – and whether HMRC can resist the urge to over-complicate the proposed relief.

In any case, its introduction will lead many to review their wills – although this is something that should be done on a regular basis while the individual remains able.