Simon Dawson explores how firms can use contemporary solutions to assist clients facing the ‘IHT gap’

Unfortunately, it is all too common that testamentary matters are not discussed sufficiently prior to the probate process, leading to a lack of preparation and understanding amongst executors and beneficiaries.

The gap

One of the more challenging issues is that the inheritance tax (IHT) bill of up to 40 per cent has to be paid within six months of the respective passing of the friend or loved one. The probate process is extensive – often drawn out past this six month window, especially in the type of high-net-worth (HNW) estates that typically attract IHT – thus the financial ‘gap’ can be substantial. While the executor is accountable for the calculation and discharge of the IHT b...

Simon Dawson
Chief Commercial Officer
Legacy Release Ltd

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