A new company that aims to reduce inheritance tax and ensure better provision in wills has been established by a Birmingham businessman.
Willson Trusts, whose Birmingham city centre offices are at 27 Colmore Row, has been established by Adrian Walker, a former financial adviser and a member of the Society of Will Writers.
Mr Walker believes that in spite of the raising of inheritance tax threshold, there is still a significant number of families facing huge tax bills particularly those with net estate values exceeding £500,000.
"Our aim is to work with accountants and independent financial advisers to help educate their clients about the use of trusts, inheritance tax planning and other legal tools in order to reduce tax loss. Even a modest estate can be hit by a big inheritance tax bill," he said.
" Additionally, as life expectancy increases, the issue of providing long term care support becomes more critical. It is illegal to deliberately transfer property to relatives or trusts if the prime motive is to avoid paying for long-term care, but there are schemes whereby it is not illegal for a partner to make a provision in their will to pass their share to another family member instead."
Willson Trusts will principally serve the clients of Midlands-based independent financial advisers and small and medium sized firms of accountants.
"Some two thirds of UK citizens do not have a will and some 70 per cent of people in England and Wales die without making a will.
"The average age of death of people who die intestate is 68 - an age that is below the documented average life expectancy."