If you are considering downsizing, although there is a lot going on, it's important not to lose sight of the need to think about your succession arrangements. Do you already have a Will? If so, does this leave the family home to someone in particular so now needs to be updated? Are you planning (or have you already) made gifts to family members which may mean that the provision you have made for them in your Will is no longer appropriate? Perhaps you wish to equalise the position among children if you have made gifts to some but not to others?
It might be that your assets are now worth significantly more than when you initially prepared your Will. If so, is your Will structured correctly to ensure you have the right beneficiaries but also have the right planning?
This is probably also a good time to be thinking about inheritance tax planning as it's likely you will be releasing some equity and therefore have more flexibility than before to undertake planning for the future. The UK Government recently announced proposals to introduce an additional inheritance tax allowance in relation to the family home which will, in the future, apply in certain circumstances and it's important that you understand how these changes will apply to you and what happens when you sell your property.
We can advise on all of these aspects at Morton Fraser. For further information, please contact us on the details below.