Expanding family? Names aren’t the only thing to think about when there’s a new baby in the family.
A new arrival in any family is an exciting time. As the birth of the new Royal baby is celebrated, we want to remind people that as a family expands, this is often a good time to update your Will and review your Inheritance Tax liability.
Grandparents, and even Great- grandparents, often want to include specific legacies to new grandchildren and other family members.
In addition, on the birth of a grandchild, grandparents and parents can think about their own Inheritance Tax situation and make gifts to the new baby within their allowances. Each person can make a gift of £250, to any number of people, without it affecting their Inheritance Tax liability; a great way to start a savings fund for the future generations. This is in addition to the annual gift allowance of £3,000 as long as the beneficiary is not the same in both gifts.
Often a new family member prompts a review of situations and planning for the future and we always encourage people to look at their Wills to see whether they are as up to date as they wish them to be.
Published 8 May 2019
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