Estate Planning

Decades time and effort can be spent creating and maintaining wealth. Unfortunately, when it comes to planning ahead to pass it on, many lack an Estate Plan to safeguard their legacy. 

The consequences to the people left dealing with the financial affairs, and those who ‘should’ benefit, can be significant. Most clients we discussed the issue with had similar views in that: -

• When they were no longer around, they would like the process for their loved ones to be as least stressful as possible.
• The people they would wish to inherit a share of their wealth do so, and at an appropriate time.
• Their loved ones get to keep as much as possible from what is left and aren’t financially vulnerable.

This does not happen automatically, and a lot can get in the way. There needs to be the correct documentation in place and trusted, authorised, personnel to carry out any recorded wishes. Effective planning to mitigate the impact of Inheritance Tax (IHT- currently 40% if your estate value is above your nil rate band - NRB) should be done in advance and, when appropriate, assets may need to be placed in Trust.

Other thresholds and allowances such as the tapering of the Nil Rate Band for estates in excess of £2m and the Residence Nil Rate Band (RNRB) for property closely inherited may also apply.

Trust planning can be an effective way to ensure the proceeds of your estate stay with the people you intend them to. They can help with tax mitigation, the control and distribution of assets, and flexibility if/when it may be required. They can also add protection from events that may occur, out of your control, such as remarriage, divorce, or bankruptcy. Funds could otherwise be redistributed, legally, away from your chosen beneficiaries.

Knowing the devastation that can be caused under the wrong circumstances, we help our clients implement the right planning to protect their wealth for future generations. This by first ensuring their own lifetime needs are fully accounted for. With well prepared Estate Planning, your wishes are given the best chance of being carry out in the way you would hope. It can alleviate unnecessary stress; preserve the wealth you wish to pass on and keep it in the right hands. Our services include: -

• Lifetime income cashflow modelling
• Effective Inheritance Tax planning, gifting & allowance usage. 
• Trust & Investment planning
• Will planning, Trustee’s & Power of Attorney
• Planning for Later Life Care

If you would like piece of mind knowing that your affairs are in order, and that you leave the legacy you'd hope for your loved ones, please get in touch.  

Tax treatment depends on the individual circumstances of each client and may be subject to change in future. We work within the context of guidance and legislation set out by HMRC which include effective ways to mitigate tax through a range of legitimate & approved products. The values of investments are not guaranteed and can go down as well as up. You may not get back the amount originally invested.