Tax is a necessary evil throughout our lives – and doesn’t even leave us alone when we are no longer living.

By failing to plan your estate and maximise the amount of money and property you can pass on to your loved ones you are effectively volunteering to pay more tax than is necessary in the event of your death.

If your estate is worth over the stated tax-free threshold (set at £315,000 in 2008), your heirs would be taxed on the remaining balance at a staggering 40 per cent – a loss in value that could be heavily reduced with a little forward planning.

It is worth remembering when it comes to planning your estate that even if your estate does not currently reach the tax free threshold, over the coming years the value is likely to soar and therefore be subject to the 40 per cent tax level upon your death.

To avoid paying too much Inheritance Tax it is vital to remove as much from your estate as possible – this can be done without negatively affecting your standard of living and still allowing you to enjoy your hard-earned money and property for yourself.

There are a number of ways in which to reduce the value of your estate to avoid too much tax, however it is essential that these methods are managed carefully and fall within a number of guidelines.

Wills and Probate UK can advise you and your family on the best ways to manage your estate and write a Will that will ensure your wishes are followed to the letter in the event of your death.

However, if you are not married or in a civil partnership, the distribution of your estate to your partner or children is put at risk – the courts may decide to apportion your estate without taking your wishes into consideration.