Putting your affairs in order | Wright Vigar

Putting your affairs in order

 In Advice, News

The only two certain things in the world, according to Benjamin Franklin, are death and taxes but when you or a loved one has a life threatening or terminal illness, it’s understandable that tax is the last thing on your mind.

At Wright Vigar we recognise that ‘putting your affairs in order’ can seem a daunting prospect so we offer a sensitively delivered yet comprehensive tax service covering both compliance and planning.

We work with our clients during their lifetime to make sure that assets are passed on in accordance to their wishes in the most tax efficient way possible.  Ideally, this is a process which starts early on but even when we have not been involved at an early stage, we can still help to make the process as easy and efficient as possible.  Some considerations may be:

  • Is there a will in place and, if so, is it up to date?
  • Is there an opportunity to alter the will to make it more efficient from an inheritance tax perspective?
  • Are appropriate powers of attorney in place?
  • Are policies written in trust and is the beneficiary still appropriate?
  • Is there a pension which can be left tax free?
  • Have lifetime gifts been made and is there a record of such?
  • Is there an inherited nil rate band?
  • Is there a residential property and how is it held?
  • What other reliefs might be available? (for example, business property relief for shares and other assets)
  • Are there any trusts in place and will these be impacted on death?
  • Are self-assessment tax returns up to date?
  • Are documents easily accessible?

Even after death, we can help by carrying out the compliance functions (tax returns, inheritance tax returns, input into the probate process) on behalf of the Executors and can still advise where appropriate to make the Estate more tax efficient.

We will carry out all work required in a respectful and timely manner as we understand that this is a difficult and emotional time.

Simply contact Stevie Heafford Director of Tax at Wright Vigar on 0845 880 5678 or email stevie.heafford@wrightvigar.co.uk. Stevie or a member of the private client tax team will be on-hand to advise you – we are here to help.

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