Your money questions – ‘Will leaving my ARF to my children and not my wife lessen their tax bills after I die?’

Plus, switching to a credit union, and minimum wage expansion

If you leave some or all of your ARF to a child, the tax treatment varies, depending on the age of the child. Photo: Getty

Charlie Weston

Q I will be retiring in a few years and have decided to opt for an Approved Retirement Fund (ARF). As I don’t have much to leave to my children in my inheritance, I’m considering leaving my ARF to them instead of my wife. But is this wise from a tax perspective?

A When planning your estate, it is important to do what you can to reduce the inheritance tax liability for your family and any others you are planning to leave an inheritance to, said Mark Reilly, pension proposition lead at Royal London Ireland.