Why it matters
Planning needs a complete picture of ownership, family arrangements, gifts, debts and wishes. Property and business interests can need specialist valuation or legal coordination. Rules and reliefs can change, so an old estimate should not be treated as permanent. Keep a dated asset schedule and records of substantial gifts to support a future review.
A practical example
An owner may have a home, company shares, savings and previous gifts. Looking only at the house value misses much of the picture. The review considers the estate and relevant transfers together, then checks whether particular exemptions or reliefs apply to the facts.
A common misunderstanding
A gift is not automatically free of all tax because it was made during life. Timing, the nature of the gift and any retained benefit can matter. Trusts also have their own rules. Obtain advice before moving assets rather than relying on a simple rule of thumb.
Sources & further reading
General information for UK readers, updated 3 November 2026. Examples are illustrative. Tax treatment depends on the facts and current rules; seek advice before making a decision.