Malcolm Finney looks at a case which considered whether a will had been validly revoked and the inheritance tax consequences.
Inheritance tax is a tax levied on a person’s estate on death, although certain lifetime gifts (mainly property settled on trust) may also be subject to the tax.
As the primary liability falls on death, any IHT planning is typically geared to mitigating any charge on death, with the primary weapon being the person’s will. Not only does a will enable effective IHT planning to be undertaken, but it also allows the testator to allocate their estate amongst family members and others (e.g. charities), as appropriate.
Does it count?
A will is said to be ambulatory and it does not take effect until the testator dies. It may thus be changed, amended or simply
