“Of course, this is only likely to be an option for those who have a sizeable sum that they are happy to gift away.
“However, the principle is there and individuals can use an allowance multiple times if they have the facility to do so.”
Finally, whatever decision a person chooses to make on their estate, it is important, Mr Platt states, to involve others.
Opening up the conversation to loved ones allows everyone to be kept in the loop about monetary choices and tax implications.
He said: “You should certainly be including your family within this kind of conversation, particularly if you are looking to pass money on to others while you are alive.