Whats the best way to leave all my £349K estate to my 40 year old niece??

collectors

Hi, my estate at the moment is worth around £349k & i want to leave it to my 40 year old niece & cant find out what her tax liability's might be. IE: Inheritance,  personal earnings tax, & anything else the government can throw at her. Any thoughts.?

RAS

Your niece doesn't have an IHT liability. The estate does. Its allowance depends on your status, single, married, widowed, divorced? 

If you own a property, your niece and executor need to research the rules round things like CGT as they apply at the time. Generally it is currently best either to move into any house or to sell before it's value increases a lot although getting 70-80% of a large increase can be fun. 

And they need to check the local CT rules at the time re probate, empty homes and second homes, depending on what actually happens prior to and after your death.

Keep_pedalling

If you are widowed and inherited your spouses estate then your estate would need to be over £650k before any IHT kicked in. If you are single or divorced then you only have £325k, so after funeral expenses are deducted your estate would have a small amount of IHT to pay of around £8,000. If you don’t already you could start gifting her your annual exemptions to reduce your liability.

Mist importantly though do you have an up to date will in place?

km1500

Leave a simple well leaving everything to her as sole beneficiary and also make her the sole executor

assuming you are single your estate is allowed funeral costs and 325k tax free - anything above that it's taxed at 40%

You are allowed to give away £3k a year and it will not be counted. I think.this is per tax year not calendar year.