Marriage and future IHT

Sooz1966

Hi all

Now I've got Probate, I'm planning ahead, with my partner, how best to manage the assets. We're fully aware that getting married (and amending our wills and getting LPOAs) is the most important thing we need to do. We'll be doing this to protect ourselves, my adult niece and nephew and my partner's two adult children from IHT in the future.

All of these things will take a bit of planning and realistically won't be happening in the next few months.

In the meantime, I'm wondering if anything I do, like move chunks of money to my partner to maximise savings and ISA allowances, will count as part of the 7 year gift thing if we get married after moving the money. I know a wife can give her husband money and it doesn't count for IHT purposes but does this still stand if the gift pre-dates the marriage?

Keep_pedalling

Gifts made before marriage (or civil partnership) will be subject to the 7 year rule. As we are talking about a blended family here you should be considering immediate post death interest trusts being included in your wills, so I recomend you use a STEP solicitor to make them.

Sooz1966

Thanks @Keep_pedalling, you've answered that for me. Damn!

I've just googled what you suggest about a trust - I'm quickly finding out that inheriting money is rather complicated 😅

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81922691#Comment_81922691

'I have just inherited £ XXXK and do not what to do with it ' is a regular question on this forum.

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