It is a common misconception that if you die without making a will, your whole estate will pass to your spouse. In fact, this will only be the case if you have no other surviving relatives (including parents, children and cousins) or your estate is worth less than £125,000 (if you have children) or £200,000 (if you do not).

In addition, inheritance tax is payable on assets which pass to someone other than your spouse if their value exceeds (at present) £263,000. Increasingly, people's assets are worth significantly more than this, so that making a will has become an essential exercise for nearly all of us. Yet it is estimated that around 74% of the UK population does not have a current will.

Thring Townsend's Tax and Trusts team can advise UK residents (as well as non-residents with assets in the UK) on their potential liability for inheritance tax and the steps they need to take to minimise liabilities and maximise reliefs. We provide advice tailored to each client's particular circumstances.

At the same time, we will also advise you on how to provide for a potential future inability to manage your own affairs, including the preparation of Enduring Powers of Attorney, and the preparation of advance directives relating to future medical treatment (Living Wills").