Passing on Money - Passing Your Money On

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Passing on Money - Passing Your Money On

An integral part of financial planning as you get older is deciding what you want to happen to your wealth when you have died, and then ensuring that your wishes will actually be put into practice.

But even when you are younger, you should give thought to this, especially if you have a family dependent on you.

Two aspects to your planning

• Setting out your wishes formally in a will
• Ensuring that your assets do not disappear in unnecessary tax bills.

In its pre-election manifesto, the Labour party was committed to reforming inheritance tax. However, by the year 2000, the Labour government had made no significant changes to the regieme.

This has left the position regarding inheritance tax extremely uncertain and, while you should never rush into decisions about gifts and inheritance, there is a case for saying that well-thought-out plans should be executed sooner rather than later.