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Article by: Mr Sam Orgill webmaster@proactpartnership.com Published: 24/08/2007

You are run over by a pick-up and you haven't made a Will. Where does that leave your loved ones? In a terrible mess especially when living abroad because your affairs take on an added complexity over two countries and two legal systems.

If it is not made clear who is intended to inherit from your Will it could be your surviving blood relative, not because they are next of kin or your partner but because of the rules of intestacy.

You can get incredibly sad situations, where people are forced to sell their homes because their spouse has died without making a will and they have to hand over a large chunk of money to an in-law they can't stand.

Plan Ahead

Rows over Wills are likely to become increasingly common as families fragment and booming house prices result in those of relatively modest means bequeathing sizeable sums that unexpectedly attract inheritance tax.

The best way to avoid acrimony which can divide families - and hefty legal bills that eat into estates - is to leave a well-drafted will that benefits from sensible estate planning.

These can be simple mirror Will’s between partners or more robust Will’s to avoid 40% Inheritance tax. Everyone is different but the two essentials are to write a Will and to be specific. The more specific the Will is the less potential there is for your wishes to be ignored and for arguments and disputes to arise in the family.

How can I minimise inheritance tax liabilities?

Anything above the IHT exemption threshold, currently £285,000, is taxed at 40 per cent, except for transfers between spouses, which are tax-free. However, married couples may do better to leave part of the estate to their children on the first death, provided the surviving spouse has enough to live on for the rest of his or her life.

Both partners can arrange for each to leave an amount equal to the tax exemption threshold when they die. So they can pass on £570,000 tax-free rather than just £285,000 if everything passes to the widow or widower when the first partner dies.

ProACT Partnership through our UK legal partners can execute a simple yet effective Will Trust arrangement that is tailored to Expats with property in Cyprus. In conjunction with a Cyprus Will a Legacy Fund is created to save up to £114,000 of UK inheritance tax liability.

Peace of Mind

For peace of mind, Professional Service, Convenience and Value for Money put an end to uncertainty. Give your family the security of knowing you have written a legally valid Will. Make sure that your wishes are carried out as you have arranged.

Take advantage of a company that specialises in writing Wills for people like you. Our unique system and expertise in the UK & Cyprus gives you the most efficient and modern method of recording your exact instructions.

With ProACT there is only one fixed fee for writing your Will. Nearly all family arrangements can be accommodated with a comprehensive range of options.

 

External Article Link: http://www.property-partnership.com/overseas-property-guides/overseas-property-guide.cfm?id=72

Article Link: http://www.property-partnership.com/overseas-property-guides/overseas-property-guide.cfm?id=72

Please contact the author at webmaster@proactpartnership.com for more information.