Inheritance Tax

There are many things to consider when it comes down to making a will.
Inheritance tax is a very important issues that is not always at the top of the list of reasons to begin making a will particularly when you are young, however inheritance tax is often brought up by financial or legal advisers who in making assessments of your current financial situation would be expected to think about what you have incorporated in your existing will if you have one and any amends in your will that will need to be included when making a will to allow for inheritance tax.
As you get older and hopefully gain some wealth especially through property and other valuable assets which although can fluctuate in value just like stocks and shares, generally tend to remain steady and usually go up in value. So when maybe your first will writing exercise did not take into account inheritance tax issues as you get older it is quite likely that your total estate and assets with one maybe two properties could cause a problem for those that are left to deal with your estate.
When you were originally doing your research into making a will you would have chosen two executors to administer your estate, and a part of that duty will involve making sure that all debts are paid from the estate and what ever is left will form the residual upon which your liability for inheritance tax is then worked out. This is imperative.
With tax rates due to increase it seems anything over the current band that will rise upto £350,000 by April 2010 will attract taxation either at 40% or maybe even the new rate of 50%. So when making a will if you think the net value after all debts are paid of your estate is likely to incur inheritance it's wise to seek professional advice to help with your will writing.

I have a blog which highlights the importance of Will writing and covers the reasons as to why one should write a Will. It was stated that over 70% of the UK population do not have a Will, therefore i set out to create a source of information online to assist those that do not have a Will and point the reasons as to why you should write a Will.