Government Launches Will-writing Consultation

The government has launched a consultation to assess how existing legislation on wills could be updated.

One of the key topics of the consultation is likely to be whether digital wills should be introduced, as well as the possibility of lowering the age at which you can write a will from 18 to 16.

Recently, NFU Mutual found that inheritance tax receipts have surged by 18.7% so far this tax year, with £2.4 billion collected from people's estates between April and August.

The rise has occurred in spite of the new residence nil rate band (RNRB) which is designed to allow parents to pass on more of the value of their home tax-free.

Sean McCann, chartered financial planner at NFU Mutual, says:

"Despite the introduction of the new tax break, inheritance tax appears to be hitting families harder than ever before. Receipts have risen by almost 20% and it's clearly the result of an ever-more complicated tax system and a more aggressive approach from the taxman.

"Many families won't realise that reliefs such as the new residence nil rate band and the spouse's transferable nil rate band are only available if you claim them."

If you are ready to write a will, our Lancashire solicitors are on hand to guide you through the process. Call our team on 0845 603 0708 to find out more.

National Solicitors

Probate & Wills