Much has been printed and said following the Budget. However an important point to remember is that trusts are still a good idea, as are will trusts.
What has changed is how they will be drafted and taxed. The final regulations will only be available in the summer. By then the representations of professional bodies will have been heard. The shock value of the proposals (as they are for now) is that there was no prior consultation. Tax avoidance is to be applauded but so is simplicity.
Professional practitioners do not have a crystal ball. They use their experience to ensure that any trust, whether drafted by will or in your lifetime, is appropriate, flexible and practical.
Every cloud has a silver lining. The lining here is that it should have everyone reconsidering their wills, trusts,tax planning, life policies and pensions. All wills should be reviewed at least once every five years or when our circumstances change.
Therefore if you want to make sure that you have a professionally drafted will or trust, that will stand the test of time please contact us today.