Estate Planning
Plan For Your Family's Future
You will spend many years working hard to build your wealth in the hope that you can live a long and comfortable retirement.
However the inevitable day will arise when you are no longer around to enjoy the remaining fruits of your labour and naturally, you will want to pass this on effectively and efficiently to your loved ones.
Whilst this is a fairly simple concept, in reality it is often complex and difficult to discuss and put plans in place to ensure that your wealth passes to the right people, at the right time whilst also ensuring that you maintain enough to live the life you want.
With financial planning we can help make these positive discussions, and incorporate the right strategy for your estate planning to ensure more of your money passes on to your loved ones.
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Key Aspects of Estate Planning
Update Your Will
Ensuring you have an up to date and valid will in place is essential to ensure that you wealth is distributed in the way you would like. Passing a way without a valid or up to date will can leave you "intestate" which brings about uncertainty, complexity and additional cost to your loved ones.
Lifetime Gifts
Gifting during your lifetime is a good way to distribute your wealth, and it is often a positive experience to witness how your money benefits others, whilst you are still alive. However, there are rules around gifting, which could result in tax charges either during your lifetime, or after you pass away if they are not adhered to. There is also the added worry of ensuring you don't give away too much which could impact your own lifestyle in subsequent years.
Trusts
The use of trusts can be an excellent way to move money from your estate to help reduce inheritance tax liabilities but also retain some control over who, how and when money is distributed. This method can help with complex family structures and where there might be a need to preserve wealth over multiple generations.
Investments
There are various investment vehicles which can be used for effectively as part of intergenerational wealth planning and tax reduction including the use of pensions, ISAs (including Junior ISAs) and products which can benefit from Business Relief. As part of your financial plan, we can help include some of these tools to help make your wealth transfer as easy as possible.
Insurance
Insurance policies are an essential tool to ensure your family are taken care of, once you are gone. These policies can be used for a variety of intergenerational planning, including helping your business, paying debts, providing income or to cover an Inheritance Tax Liability.
Estate planning is complex and subject to individual circumstances and utilising certain tax saving strategies can involve risk, particularly where investments are concerned.
​Tax rules and law can also change over time and so it is important to engage with qualified planners to ensure that the strategies remain viable.
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Please note that the Financial Conduct Authority (FCA) does not regulate some aspects of cash flow, estate or tax planning, or trust advice.
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Cover will cease on insurance products if premium payments are not maintained.
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