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When was the last time you checked your will?

Many tax experts are now advising UK residents to revisit their wills as we move headlong into it a situation which will see taxation increase and many tax allowances reduced or taken away. There is concern that inheritance tax amongst others may well be a target for governments in the future, as they look to replenish state funds which have been decimated because of the recession.

So when was the last time you looked at your own will? Have you reviewed the taxation situation regarding your investments and assets?

As we have mentioned on numerous occasions, at the very least you should be monitoring your investments throughout the year and arrange an annual review of your overall financial situation. Included in this review should be your will and other assets which you may need to transfer prior to and post your death. While death and wills are very difficult subjects to address in an emotive manner it is vital that you ensure that your loved ones are looked after in the event of your demise.

Even though the Conservative party recently suggested it would like to abolish inheritance tax, this would appear to be something to consider further down the line when UK finances are much stronger.

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