Preparing a Will

What you need to consider

Before preparing a Will, a person needs to consider what possessions they are likely to have when they die, including properties, money, investments and even animals. Before an estate is distributed among beneficiaries, all debts and funeral expenses must be paid. When a person has a joint bank account, the money passes automatically to the other account holder, and they can’t leave it to someone else.

Establishing a Power of Attorney within your estate plan

Reflecting your best interests when you’re not in a position to do so

The significance of an estate plan transcends the mere distribution of your assets after your demise. Integrating a Power of Attorney (POA) ensures that a trusted individual is empowered to make decisions reflecting your best interests when you’re not in a position to do so.

Strategic value of trusts in estate planning

A well-structured trust can serve as a means to mitigate one’s Inheritance Tax liability

Then you decide to establish a trust, it allows you to dictate the conditions under which your assets, be they cash, property or investments, will be managed and distributed. A trustee is then appointed with the legal duty to oversee and manage these assets in the best interest of the beneficiaries.

Business Relief

Solution to significantly reducing a potential future Inheritance Tax bill

If you have business owner status, or have shares of a business, this will be reflected in the value of your estate. Business Relief is a valuable Inheritance Tax relief for qualifying businesses, whether making a lifetime transfer or on death.

Strategies to maximise wealth preservation

Securing your financial legacy for future generations

Whether through diligent work, wise investments or an inheritance, achieving financial prosperity brings with it the responsibility of ensuring your wealth benefits future generations rather than being significantly diminished by taxes, particularly Inheritance Tax.

Age is not just a number

The impact of an increased lifespan on your retirement finances

Living to the ripe old age of 100 could require an additional £260,000 in pension wealth to ensure a comfortable retirement, compared to someone living until the current average life expectancy, according to the Office for National Statistics (ONS)[1].

Managing your finances as a couple

Discussing finances may feel uncomfortable, but it is crucial to maintain a healthy relationship

Transparency is the foundation of any strong relationship, which holds true regarding financial matters. It is easy to fall into the trap of assuming that you and your partner have similar financial habits and attitudes.

Planning for an early retirement

Living life to the fullest and accomplishing long-held dreams

Early retirement typically signifies reaching financial autonomy before the statutory pension age, usually in the mid-60s. In the United Kingdom, retirees can begin drawing their State Pension at age 66. However, this retirement benchmark is set to increase to age 67 by 6 April 2028.

Wealth accumulation

Valuable insights that can impact an investment strategy

With the ever-evolving landscape of investment, it’s not hard to see why it might appear daunting. The investment world is equivalent to a living, breathing entity constantly evolving and changing. It’s a landscape that never remains static, mirroring the dynamic nature of global economies and financial markets.

What will your legacy look like?

Effective Inheritance Tax planning is a careful balancing act

Once a concern only for the very affluent, Inheritance Tax (IHT) is now an issue for many ordinary families, who may find themselves handing over an unprecedented portion of their estates to the taxman. This shift results from years of house price growth, inflation and stagnant tax thresholds. The Office for Budget Responsibility anticipates that IHT will bring in £7.2 billion in the fiscal year 2023/24[1].