Expert offers wills and probate advice

A financial expert has provided inheritance tax advice that may make the probate process smoother for people who have lost a loved one.

John Fitzsimons, deputy editor of Lovemoney.com, wrote for the website that there are ways people can make sure their friends and family receive as much of their assets as possible after their deaths.

Mr Fitzsimmons told those interested in wills and probate they can take advantage of the £3,000 limit that they have for gifts each year, which they do not have to pay the tax on. Those who go a year without using this allocation can use it the following year, meaning that they have not missed out.

Parents who want to help their children financially can give each one of their offspring £5,000 when they get married, while grandparents can give their grandchildren £2,500 each. However, these amounts must be given or promised prior to the wedding day and will not be inheritance free if the event is cancelled.

Politically minded individuals may want to make a will that leaves cash to a political party.

Furthermore, financial expert Saran Allott-Davey said that people can also make a gift out of their income if this sum has no impact on their lifestyle and is given away regularly.

Published by Hannah Carr