Living together as an unmarried couple has become increasingly popular over the years; however, if you do not arrange your affairs, you could leave your partner in a vulnerable position should anything happen to you.
A crucial part of the estate planning process is choosing your executor and, for many, this will typically be a loved one such as your spouse or children. However, this raises the question as to whether they can also be named as a beneficiary or if this could cause them to be disinherited from your Will.
Arts Council England recently announced that three artworks by Peter Lanyon, a figurehead of post-war British painting, were acquired for the nation as part of the acceptance in lieu scheme, nearly settling the £900,000 Inheritance Tax due on Lanyon’s widow’s estate. Acceptance in lieu is rarely used and may not necessarily spring to mind when planning to pay Inheritance Tax, however, as this case shows it may be worth considering.