People urged to plan for inheritance tax changes

Financial professionals are calling on people to prepare for the changes to inheritance tax next April, by revising their estate planning.

From April 2027, the expectation is that pensions will be treated as part of an estate by HMRC and therefore liable for inheritance tax. This has led financial experts to warn people of the need to prepare so they do not fall foul of the change. This includes getting or revising a Lasting Power of Attorney.

This document is available either in paper or digital form. It specifies the wishes of an individual concerning their assets in the event of them becoming incapacitated. The cost of a Lasting Power of Attorney is £92 and it will be legal in Wales and England.

People who have valuable estates are being advised to put a Lasting Power of Attorney in place or review their existing one. The form can be completed by solicitors in North Wales.

Steven Greenall from Greenall Estate Planning said most people were aware of the importance of both this and a Will, but tended to delay dealing with them.

This was backed up by Rebecca Robertson from Evolution Financial Planning. She told Chronicle Live:

“The majority of people like to hope for the best and, only when they have to deal with a family’s estate when someone has passed away, do they realise the complexity of it all.”

If you want qualified Will writing solicitors in North Wales to complete a Will and Lasting Power of Attorney for you, contact Bennett Smith Solicitors now.