Inheritance Tax  

How to manage estates more effectively

  • Explain how will writing be made more accessible to consumers
  • Explain the importance of trusts
  • Identify benefits of wills for families
CPD
Approx.30min

No one wants to think about what will happen when they die. However, people must refrain from avoiding the uncomfortable topic of death, and ensure their estate is in order, so that it can be divided exactly how they want it to be when they die. Otherwise, it could cause a great deal of upset, and financial complications later down the line. 

While it is ultimately up to individuals to take responsibility for their estate, the legal and financial services can do more to promote the benefits of writing a will and simplify the process where possible. It will, of course, take time to promote a complete culture change, but a collective effort will certainly empower more consumers get their affairs in order. 

Andrew Megson is executive chairman of My Pension Expert

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. Why are many people inclined to postpone writing a will?

  2. True or false, intestacy rules mean that an individual’s assets are divided among their immediate family, with almost no exceptions.

  3. True or false, people who are married with children will have £120,000 worth of assets go to their spouse, in addition to the half of any remainder – the other half of the remainder will be shared between their children.

  4. How does a will help to avoid the complications that arise under intestacy rules?

  5. According to Andrew Megson, what is one of the ways advisers can help promote the benefits of having a will?

  6. Why are trusts another useful tool for individuals to create a more tax-effective will?

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  • Explain how will writing be made more accessible to consumers
  • Explain the importance of trusts
  • Identify benefits of wills for families

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