From April 2027, there will be changes to pension tax rules that could impact the work carried out by Will writing solicitors in North Wales.
There are already many Wills that are currently being disputed, and a high percentage of these have taken longer than a year to resolve.
The new proposals will render the testator’s pension taxable, which could make the surge in delays even worse. For those with several pension schemes, the Will writing process could become more complex, as they work out the anticipated tax to be paid on each one, and how this would impact the overall value of the estate.
Legal advisors are now making testators aware of this impending change and advising them to plan for it accordingly.
Wills solicitors in North Wales will be advising families when the changes are in place to make contact with the administrators of pension schemes to inform them of the death of their member. This new inheritance tax (IHT) will still only affect those with an estate worth over £325,000 – but with the added value of a home, more people could find themselves over this threshold.
For those looking to minimise the impact of these new rules, they could consider gifting their friends and family while they are still alive to avoid paying tax.
Speak to us here at Bennett Smith Solicitors today and book an appointment to discuss your Will, along with how it might impact your pension, with one of our legal experts.
