Estate planning review following re-marriage

Following his divorce, our client had made a will leaving everything to his children.  He subsequently re-married.  Mark Politz advised on how the potential inheritance tax liability (likely to be several million pounds) could be eliminated, or at least deferred, by the client changing his Will to leave his second wife an entitlement to income.  The intention is that this would be terminated shortly after our client’s death, with the majority of the trust fund then passing to his children.  We also recommended leaving to a Discretionary will Trust various agricultural and business assets, in order to avoid wasting valuable inheritance tax reliefs.  This involved carefully identifying all of the business and agricultural assets qualifying for relief.