IHT CHECKLIST FOR IFAS
To speed things up on death, suggest to clients that they create a file which includes details of all their assets.
A “dying tidily log” could be a very valuable service to offer your clients. This service could be offered for a one-off payment or a regular annual payment. The log should be reviewed regularly and updated at least annually.
Should your client die, you will have all the information to hand to enable the personal representatives to obtain a speedy resolution of the estate.
Make sure you know where all your clients are domiciled. If any are domiciled outside the UK:
– Are their UK assets worth more than the nil-rate band?
– Can you recommend anything to reduce them below the nil-rate band ?
– Be careful about equivalent IHT implications in other countries.
– Write UK life insurance policies under seal for non-UK-domiciled clients and keep policy documents outside the UK.l If any of your clients have non-UK assets:
– Are there potential problems on obtaining probate on death?
– Will there be an enforced inheritance due to the law of that country?
– Should this non-UK property be put in trust – even one that is ineffective for IHT – in order to control where it goes to after the client dies?