Large liability for Inheritance Tax avoided thanks to Private Client Associate’s knowledge
20 December 2022
Hauke Harrack assisted the family of a farming client when a homemade will did not quite reflect the deceased’s wishes.
A farmer and his wife had made homemade wills purporting to leave their respective estates to each other.
While the family knew exactly what the client’s intentions had been, the wording used in the Will had the effect that the entire estate passed to the client’s children and not to his wife as originally intended. This resulted in a potentially large liability for Inheritance Tax.
Hauke talked the executors through the various stages of the administration of the estate, prepared the application for the Grant of Probate, and advised on the availability of Agricultural Property Relief and Business Property Relief. Setting out various options available to the family, he assisted the client’s children with the preparation of a Deed of Variation to rectify the mistake made in the will, resulting in no liability for Inheritance Tax.
The executors were grateful for the complete legal service provided to them by the firm.
Hauke commented: “Whilst it may be tempting to ‘have a go’ at making your will, I would always advise against this. Bespoke legal advice from a suitably qualified solicitor can make a real difference so that you have peace of mind that your wishes are reflected accurately in your will. Your solicitor will also be able to point out a few other issues you may not have thought about.”