What is an “Excepted Estate”?
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Could your pension eventually pass to someone you never intended?
HMRC has only recently (27th August 2026) clarified an important consequence of the forthcoming pension Inheritance Tax changes. From 6 April 2027, most unused pension funds and pension death benefits will be brought within a person’s estate for Inheritance Tax purposes. At first sight this sounds straightforward. However, the new rules can produce some surprising [...]
Discretionary Will Trusts and the Two-Year Review
Why section 144 of the Inheritance Tax Act 1984 may be important after a death Some older Wills place all or part of the estate into a discretionary trust. That can provide valuable protection and flexibility, but it is important to review the trust within two years of death. In the right circumstances, the trustees [...]
WHEN “GROWTH” IS NOT REALLY GROWTH
We often hear politicians and commentators proudly announce that “the economy has grown.” But what does that actually mean? The key point is this: If the economy grows by 2% in money terms, but inflation is also 2%, then in real terms the country has effectively stood still. Economists distinguish between: Nominal Growth – the [...]
Brexit, Europe and Your Will
Why EU succession rules Still matter for UK families Many people assumed that once the United Kingdom left the European Union, European inheritance rules would no longer affect UK citizens. Unfortunately, that is not quite the case. Even though the UK is no longer part of the EU, an important piece of European legislation — [...]
Pension Death Benefits and IHT Apportionment
Why pension nomination forms and supporting instructions now matter more than ever... The proposed inclusion of pension death benefits within the Inheritance Tax (IHT) framework has highlighted a practical issue which many families and advisers may not yet have fully considered. Many pension funds are still distributed under the discretionary powers of the pension trustees [...]
HMRC Steps Up Inheritance Tax Investigations – What This Means for You
Recent commentary from leading private client expert Professor Lesley King highlights a significant shift in HMRC’s approach to Inheritance Tax (IHT). HMRC has recruited 1,000 additional valuation officers, and investigations into underpaid IHT have increased in the year to April 2025—raising an additional £246 million. This is not about changing tax rates. It is about [...]
Things you cannot arrange when you need them.
(They must be put in place in advance) A Valid Will Once someone has died, it is too late to decide how their estate should be distributed. Without a will: The intestacy rules apply Assets may pass in unintended ways Unmarried partners may receive nothing Administration becomes more complex, expensive and stressful for the family [...]
We work with your IFA – why does it matter?
How We Work with Independent Financial Advisers (IFAs) - Clear roles, Joined-up planning, = Better outcomes. At Lifetime Trustees Ltd, our role is to help clients put in place clear, effective, and robust estate-planning arrangements, including wills, trusts, and succession planning. Good estate planning increasingly depends on close coordination with financial planning, particularly where pensions, [...]
Important Change to Pension Death Benefits – Action May Be Needed
Pensions and Inheritance Tax: New Rules from April 2027 For many years, pensions have played a valuable role in estate planning because, in most cases, unused pension funds fell outside the inheritance tax (IHT) net. That position is changing. From 6 April 2027, the Government intends to bring most unused pension funds and pension death [...]