why record gifts & bequests?

Why record gifts and bequests?

In England and Wales, gifts and bequests are subject to specific rules, especially regarding their impact on Inheritance Tax.

Gifts: a gift is anything of value given to someone else without receiving something of equal value in return. This can include money, property or possessions.

Bequests: a bequest is a gift left to someone in a Will, typically taking effect on the testator's death.

You can use adeus True Gifts to record gifts and bequests in your adeus Digital Vault. This helps your executor properly report any gifts or bequests, particularly those given before your passing, so Inheritance Tax is calculated and paid correctly from your estate. To understand the potential tax position, you can also use the Inheritance Tax Calculator in My Planning Tools.

Important: the rules for gifts and bequests, and their implications for Inheritance Tax, can be complex, and professional advice is recommended when planning significant gifts or managing an estate. We have a network of specialist estate planners who can help. Please contact us at hello@adeus.life for a referral.