Elizabeth Herbert, Senior Solicitor (TEP)

Review your Will regularly, every 5 years or after a significant life event

Consider putting in place Lasting Powers of Attorney. These are becoming increasingly important and the consequences of not having one, and needing one, can be grave.

Don’t try and make a homemade Will. It is a false economy!

Surely I don’t need a Lasting Power of Attorney yet? I’m too young. They’re only for the elderly.

Cheerful as I’m afraid it may sound, you are not too young to have an accident which could result in a loss of ability to make your own decisions. I would always advise clients to consider LPAs whatever their age or stage in life as the consequences of not having one, and needing one, can be serious both emotionally and financially.

I’ve got a great idea; I’ll give my house to my children now and thereby avoid paying inheritance tax on it on my death.

This type of arrangement is fraught with pitfalls. Not only are you depriving yourself of what is likely to be your most valuable asset, but there may be significant IHT consequences to the gift. If you are considering such a step please get in touch to discuss alternative ways of mitigating the IHT on your estate.