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An Inheritance Tax is payable on everything you have when you die. This includes houses, savings, investments, personal belongings and anything that you might have given away in the last 7 years. The first £325,000 is currently taxed at 0% (often referred to as the ‘nil rate tax band’) and everything above is taxed at 40% (2013/14 tax year).
This tax is payable before your estate can be distributed to the very people you want it to go to.
By careful planning within your Will we may be able to help reduce the amount of tax payable.