Gift - or wait ‘till I’ve gone…?

Avoirdupois

Hi, am considering my will as have currently have assets worth thinking about. Lucky me. Several close friends have children - I say children, but they are of course growing up. I’d like to include them in my will to the tune a a couple of thousand pounds each, but if we all wait till I die, that will be x years away. It might make more sense to give them a gift now. Do you, dear reader, have any advice on this topic?

Stubod

..if you are happy you can afford it, I think it is better to do it while you are alive and gain some pleasure from doing it!!

FlorayG

If you're not expecting to die within 7 years and you can really spare the money, absolutely give it now and enjoy watching them enjoy it

Keep_pedalling

As long as you have plenty of savings left for your own needs I would gift now especially if your estate would be subject to IHT. 

sammyjammy

FlorayG said:

If you're not expecting to die within 7 years and you can really spare the money, absolutely give it now and enjoy watching them enjoy it

If its a couple of thousand each no need to stay alive for 7 years, well within gifting limits.

Keep_pedalling

FlorayG said:

If you're not expecting to die within 7 years and you can really spare the money, absolutely give it now and enjoy watching them enjoy it

 It’s pointless to consider the 7 year rule as it has zero negative implications on the amount of IHT the an estate may have to pay.

sammyjammy said:

FlorayG said:

If you're not expecting to die within 7 years and you can really spare the money, absolutely give it now and enjoy watching them enjoy it

If it’s a couple of thousand each no need to stay alive for 7 years, well within gifting limits.

The annual exemption is £3000 and the OP is looking at making several gifts of £2k so not all the gifts will be exempt. 

Avoirdupois

can't I just bung me mates a couple of gs - whose to know?