A correctly written Life Assurance policy can be a cheap and effective way of ensuring that your successors do not suffer detriment from a large Inheritance Tax liability.

A couple can take out a "Whole of Life" Assurance policy, with the sum assured payable following the death of the second person.

By wrapping the policy in a Trust from the outset, you would ensure that the sum assured, when paid, would not be counted as part of your estate.  The beneficiaries of the trust could then use the proceeds to pay the tax due on your estate, leaving most of the assets intact.

This could be especially useful if you have a high value property that you wish to remain within the family.  If there were not sufficient liquid assets, your successors might need to sell the property to pay the tax.

This arrangement is not suitable for everybody - we will be glad to advise on your individual circumstances.