Details of Bruce Forsyth’s Will are revealed…

Details of Bruce Forsyth’s Will are revealed

Sir Bruce Forsyth sadly passed away on the 18th August 2017, leaving behind a truly remarkable legacy. Almost one year after his death, details of Sir Bruce’s estate have now been revealed with it being reported that he has left his fortune to his wife, rather than his six children.

By passing his £11.7 million estate to his wife, Lady Wilnelia, the family could avoid a hefty Inheritance Tax bill. There is typically no Inheritance Tax to pay if you leave everything to your spouse or civil partner and Lady Wilnelia is still able to gift up to £650,000 to Bruce’s children without being subject to Inheritance Tax.

When an estate is eligible for Inheritance Tax, the standard rate is 40% of the remaining part of your estate that is above your threshold. Each person is entitled to £325,000 Inheritance Tax-free, with this increasing to £450,000 if you give your home away to your children or grandchildren. If you’re married or in a civil partnership and your estate is worth less than the threshold, any unused threshold can be added to your partner’s threshold when you die. Theoretically, Sir Bruce’s estate could have been taxed a staggering £4.5 million in total.

Additionally, Bruce has reportedly left £100,000 of his estate in a Trust fund for his nine grandchildren, which will be distributed between them when they each reach 21 years of age. It also appears that he left £20,000 to each of his two Executors.

Sir Bruce Forsyth’s estate raises some important considerations for members of the public when it comes to leaving behind your own legacy. It is essential to have a valid Will that clearly outlines your wishes. This could help avoid family disputes and protect your estate from excessive legal and tax costs.

For more information about Inheritance Tax or advice on planning ahead, don’t hesitate to contact us.

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