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Wills & Inheritance Tax

Inheritance Tax is the tax that is paid on your 'estate'. Broadly speaking this is everything you own at the time of your death, less what you owe. It's also sometimes payable on assets you may have given away during your lifetime. Assets include things like property, possessions, money and investments.

Not everyone pays Inheritance Tax on death. It only applies if the taxable value of your estate when you die is above £300,000 (2007-2008 tax year) and is only payable on the excess above this threshold.

There are also a number of exemptions which allow you to pass on amounts (during your lifetime or in your will) without any Inheritance Tax being due, for example:

  • if your estate passes to your husband, wife or civil partner and you are both domiciled in the UK there is no Inheritance Tax to pay even if it's above the £300,000 threshold
  • most gifts made more than seven years before your death are exempt
  • certain other gifts, such as wedding gifts and gifts in anticipation of a civil partnership up to £5,000 (depending on the relationship between the giver and the recipient), gifts to charity, and £3,000 given away each year are also exempt

Inheritance Tax can be substantially reduced or avoided altogether by careful planning and a well constructed Will. At ADS Wills we have the knowledge and experience to mitigate your liability.


This is a legal Document, written whilst you are fit and healthy, and used to appoint a person or persons to deal with your affairs on your behalf should you become incapable.

It can cover all your affairs or can be restricted to certain acts.

Like your Will it can be updated, amended or revoked at any time before it is registered with the Court of Protection.

A husband and wife can appoint each other to be their attorney.

ADS Wills can advise and produce an Enduring Power of Attorney for you.

Just contact ADS Wills today and we will take care of everything for you. And at a very sensible price.

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