Who Will Get My Money When I Die?
The concise guide to making your will and reducing the impact of inheritance tax on your estate
Despite the inevitability of death, according to research published by Unbiased, more than 31 million adults — nearly 60% of adults in the UK — haven’t made a will. However, neglecting important conversations around succession planning and inheritance could mean that someone’s wishes are not carried out as they would like or their heirs are left with surprise tax bills. By taking the time now to understand their assets, plan their estate and draft their will, individuals can enjoy their lives to the fullest extent, safe in the knowledge their affairs are in order.
This is the primary goal of Stuart Ritchie’s new book, Who Will Get My Money When I Die?, unpacking the seemingly complex world of wills and Inheritance Tax (IHT) to offer clarity for readers on an often emotive topic. By clearly explaining technical jargon and legislation alongside relevant real-life examples, Ritchie equips readers with the knowledge to plan their future with confidence.
Ritchie is an expert tax advisor with over 30 years of experience helping clients manage their wealth, legitimately minimise tax bills, and solve tax disputes and financial problems. In 2003 Ritchie founded his own accountancy firm Ritchie Phillips LLP, which specialises in private client taxation. Who Will Get My Money When I Die? is grounded in the key procedures Ritchie uses to successfully guide clients when making arrangements for their wills, condensing years of experience and advice into an easily accessible guide.
Who Will Get My Money When I Die? is broken down into three key parts; the first chapters set the scene, the second section explains the fundamentals of IHT planning, and finally Ritchie brings together all elements of estate planning so that readers are fully aware of all the options available to them to plan their own estate. This structure leaves readers with a clear understanding of how the IHT system works and the numerous ways liability can be legitimately managed.
Within the book Ritchie poses answers to some of the most common questions such as: “When should I start planning?”, “Do I even need a will?”, “What makes a good will?” and “Who should inherit my business?”. Delving into the technicalities, he outlines crucial advice on topics such as how to avoid the bear traps set by HMRC, the impact of life assurance, and when to gift. Inheritance can also be affected by special circumstances like blended families, unmarried parents, or when facing mental incapacity, which Ritchie reflects upon, reinforcing that everyone is unique and it is important to seek advice on your specific situation to understand the most appropriate response.
Who Will Get My Money When I Die? is an invaluable guide for those seeking to organise their affairs, understand their Inheritance Tax liabilities, plan and provide for their needs in old age, and ensure their wishes will be fulfilled exactly as they would like after their death. With a wide array of guidance provided in a concise format, readers will discover options they might not have previously considered and feel more confident and informed on the right estate planning path for them.
Who Will Get My Money When I Die? By Stuart Ritchie is available on Amazon and in all good book shops
