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Inheritance Tax
Jul 20 2021
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
Explain how will writing be made more accessible to consumers
Explain the importance of trusts
Identify benefits of wills for families
CPD
Approx.
30min
CPD
Approx.
30min
Search supported by
CPD
Approx.
30min
Credit: Shvets production from Pexels
By
Andrew Megson
Prev
PAGE 4 OF 4
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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.
Why are many people inclined to postpone writing a will?
Many people feel they are too young for a will
It’s too expensive
There are not enough advisers out there
It’s too complex a product to understand
True or false, intestacy rules mean that an individual’s assets are divided among their immediate family, with almost no exceptions.
True
False
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.
True
False
How does a will help to avoid the complications that arise under intestacy rules?
It ensures that assets are allocated exactly as the deceased intends
It stops all the money going to HMRC
It enables everyone to know how much the deceased had in assets
All of the above
According to Andrew Megson, what is one of the ways advisers can help promote the benefits of having a will?
They can promote it more on social media
They can ask the FCA for help
They should look to incorporate estate management into financial advice
They can ask HMRC for help
Why are trusts another useful tool for individuals to create a more tax-effective will?
There is less chance that the IFA could give the client wrong advice
These allow people to set money aside to support a beneficiary outside of their estate
It is cheaper to administrate estate planning in this way
All of the above
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More on
Inheritance Tax
Inheritance Tax
Apr 18 2024
Closing inheritance tax loopholes could raise £2bn in revenue
Inheritance Tax
Apr 18 2024
'There is a complete lack of consistency with probate applications'
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Mar 21 2024
IHT receipts on track to deliver £9.7bn by 2028-29
Inheritance Tax
Mar 13 2024
Confusion over whether estates will be charged IHT
Inheritance Tax
Feb 21 2024
IHT receipts hit £6.3bn amid Budget tax cut rumours
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