Your guide to UK inheritance tax and trusts 18 Checklist Yes No Don’t know 1. H ave you made a will? If yes, is it up to date? 2. A re you making full use of your various IHT exemptions? 3. I f married or in a civil partnership * , are you making full use of available nil-rate bands? 4. I f you have children and/or grandchildren, are you able to use the available residence nil-rate band? 5. A re all life assurance policies you hold written in trust? 6. If you are in a pension scheme or have a personal pension plan, are death benefits included? If yes, have you given up to date details of the person/people to whom you wish these benefits to be paid? 7. I f you have an old-style retirement annuity policy, is the death benefit in trust? 8. H ave you made, or are you making, full provision for retirement income? * As defined by the Civil Partnership Act 2004. Answers ‘No’ or ‘Don’t know’ are an excellent place to start in discussions with your financial adviser. What to do next It is essential that you and your financial adviser assess the nature and scale of your IHT liability. To make a start on this you can use the checklist below and the ‘IHT calculator’ on page 6. Not all the IHT solutions described in this brochure may be suitable for you, so we always recommend you seek professional advice. Your financial adviser will be able to assess your IHT plan to ensure you are reducing your IHT liability effectively, and can recommend a trust that will suit your particular circumstances and financial goals. Successful IHT planning should be a continuous process, rather than a one-off exercise. Therefore, it is important to regularly review any IHT arrangements you have made.