Thursday, October 15, 2020
Unfortunately, inheritance tax laws and their governing rules are complex and difficult for the general public to understand. This leads to investigations into estates; investigations that the owners of those estates eventually must pay for.
The most common gift to "go wrong" are gifted properties due to the lack of understanding and skillset in the area of administration of estates. With the fluctuations of house prices and stock markets, people often get caught up in the figures and the result is a failed gift.
One solution to this problem is to ensure that the person advising you and your estate is a professional. The knowledge of a qualified person will endure that the estate is handled correctly.
It is also important to have a professional executor, instead of a family member, which people often use to save money. One advantage to using a professional is that they can act impartially when dealing with potential disputes between family members following the grantors death. These advantages also provide the logical reasoning behind using a professional trustee.
In sum, by using professionals to handle your estate and carry out your wishes, your estate plan is far less likely to fail and will make you more comfortable in the end.
See Charlotte Ponder, Complexity Of Inheritance Tax Rules Leaves Families Exposed, Today's Wills & Probate (UK), October 1, 2020.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.