Guide to Plan ahead in case you loose your partner.

Sadly the all too common situation people find themselves in, is having to cope with all three.

Without forward planning, if you lost your partner you may also lose an income, forcing you to sell your home and without the correct legal documents in place, you may find that others are entitled to part of your partner’s estate.

Another thing to consider is if you are leaving a large estate you may be able to reduce the potential inheritance tax bill, this can form a large slice of your estate. At the moment the liability to Inheritance Tax is 40% on any amount over £285,000 (tax year 2006/2007) if you have property, savings and insurances your estate could well be worth much more than this figure.

Whilst it’s not a happy subject to dwell on, none of us are immortal and procrastination could cost you and your loved ones dearly.

If you want to ensure that you and your family are protected in the event of you or your partners’ demise, it is important that you take appropriate steps, you will need advice from a will and probate expert who in turn, will probably recommend that you seek advice from an independent financial adviser. Look for a specialist in Probate Law.

There are a number of vehicles’ to reduce Inheritance Tax in addition to making a will and insurances, here are some you may wish to discuss with your adviser.

- Potentially Exempt Transfers (PETs)

- Investment in Trusts

- Charity Gifts

- Utilising the nil rate allowance

- Small Gifts

- Marriage Gifts

- Annual Exemption

Any good adviser will have a guide to all these allowances and how they work; to find out more you can search each of these on the Internet.

By ensuring that you regularly take advice, you and your families future will be made easier, you should review your will and other provisions you have made every few years or if you have a change in circumstances.

You can find a solicitor near you through solicitors.co.uk; it is recommended that you contact a few as it’s important that you feel comfortable with the solicitor you will be dealing with.