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I was told one can make a trust to leave assets on death to

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I was told one can make a trust to leave assets on death to avoid inheritance tax
Can this be done as part of a will
My net assets will likely be around 1m
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi
Thanks for your question - I am Sam and I am one of the UK tax experts here on Just Answer.
No this would need to be done now, in advance of your death to allow at least 7 years to lapse so the assets can be excluded for Inheritance tax purposes.
I have added a link here that details all the various trusts - just be mindful of the fact that tax could be due on any income that the trust then receives, from the asset placed within it.
And trust tax returns are completed by the trustees for HMRC each year.
http://www.hmrc.gov.uk/TRUSTS/iht/intro.htm
Anything that the will sets up in trust will be subject to Inheritance tax first before being placed into trust.
If you wish to proceed with a trust - then do take independent financial advise too.
Thanks
Sam
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