Retirement and after.

State pension.

I suggest you check your State pension entitlement. You can obtain this information through the Revenue’s Digital Tax Account.

Inheritance tax (IHT).

Where your estate exceeds £325,000 (x 2 for husband and wife) (plus any part of deceased spouses unused nil rate band) then the excess will be chargeable at 40%. You can check whether this is an issue by adding up all your assets. We have an excel “Estate valuation” worksheet which will help with this. Give me a call if you would like a copy.

If you plan early you/your estate/your family can make significant IHT savings. This is not an area I specialise in however I do recommend you buy and read the Taxcafe guide which sets out the options available to you.

Make a Will.

If you have not already done so make a Will. It is something we all put off (I did for years) but if you can’t afford or be bothered with solicitors then even using a smartphone Will making application is much better than nothing.

On the subject have you thought about how anyone will be able to access your digital assets (online accounts, usernames, passwords etc.) after you go?

Check out the tax on Estates

Published 4 October 2017.

Updated 2 July 2018.