When it comes to Inheritance planning there are a number of approaches you can take, but you first need to establish a starting point which is what is your net worth and the type of assets that comprise your asset base.
Another important factor is who you leave your Estate to as this will determine whether you qualify for certain tax reliefs. The use of a Trust is a very effective way for you to protect the capital of your estate for your spouse and children whilst in some circumstances, retaining the benefits of the allowances given to spouses and other linear descendants.
Other benefits can be found in more discretionary arrangements that allow your trustees to have more say and control over how the assets are used, guidance being given to them in the form of a letter of wishes.
The area itself is very complex and no one situation is the same, so specialist advice from one of our team on both IHT (Inheritance Tax) and CGT (Capital Gains Tax) must be sought before entering into any tax planning arrangements.