Home // Insights & Events // Inheriting: things to consider
Should you benefit from someone’s Will there are a number of things you may want to consider. Your inheritance is likely to come at an emotional time. To help, this summary provides an insight into what to think about and, as a result, whether there is action you wish to take.
Deed of Variation
There are times when you may wish to redirect all or part of your inheritance to somebody else – for example, to your children, grandchildren or charity.
If you are considering this, a ‘deed of variation’ may be advantageous and, dependent upon your own inheritance tax position, can be an efficient tax planning tool. It is important to note that it must be prepared within two years of the person’s death.
Your Will and inheritance tax planning
Whether you are due to inherit a cash gift, investments or property, these assets will become part of your own estate and are likely to increase its value. If you already have a Will, now is a good opportunity to review it. If you do not have a Will, this is the ideal time to put one in place.
In light of your inheritance, you should consider:
Lasting Powers of Attorney
This document allows you to appoint people to manage your affairs on your behalf during your lifetime, should you no longer be able to do so. If you are unable to manage your affairs, your family has no automatic authority to take charge of your finances or determine your health care. Lasting Powers of Attorney provide your appointed attorney with the legal authority to do this.
Previously, you may have thought this was not necessary. However, following a change in financial circumstances, we advise you to consider preparing these documents.
How can Greenwoods GRM help?
Our team can provide you with further information and advice tailored to your circumstances.
Contact our Private Client enquiry team on +44 (0)203 691 2080.
Greenwoods Legal LLP is a Limited Liability Partnership, registered in England, registered number OC306912. Our registered office is Queens House, 55-56 Lincoln’s Inn Fields, London, WC2A 3LJ. A list of the members’ names is available for inspection at our offices in Peterborough, Cambridge and London. Authorised and regulated by the Solicitors Regulation Authority, SRA number 401162. Details of the Solicitors’ Codes of Conduct can be found at www.sra.org.uk. All instructions accepted by Greenwoods Legal LLP are subject to our current Terms of Business. VAT Reg No: 161 9287 89.
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