Estate Planning is the process of managing assets in the event of incapacity or death. Your possessions, property, pensions and money are all part of your estate.
It is important to carefully plan where you want your assets to go. Our Financial Advisers can guide you through any potential liabilities that you or your family could be faced with. Careful planning will help minimise taxes, potential court costs and legal fees.
If you do not have an estate plan in place, your estate could be liable for a large Inheritance Tax bill. The earlier you start estate planning, the more options that will be available to you to reduce your inheritance Tax liability. For example, you can take advantage of annual gifting allowances.
Do I have enough assets for Estate Planning?
A common misconception of Estate Planning is that it is only necessary if you are very wealthy.
No matter how much wealth you have, you should have an Estate Plan in place to leave your family with peace of mind knowing your wishes are being carried out. An Estate Plan can also dictate who will become your child’s guardian.
With rising house prices, more households now also may have an Inheritance Tax liability which could be reduced through careful Estate Planning.
Take your time to consider your options
At Four Wealth Management, your Financial Adviser will work with you to establish your goals for transferring your wealth to your family. Your adviser will them determine the most tax-efficient ways for you to transfer your wealth to your beneficiaries.
Ensure your Estate Plan is up to date
Our advisers will work with you to review your estate planning regularly as your personal circumstances and the tax rules change.
Find out more about Estate Planning
Make sure you have a Will* in place
A Will is vital in Estate Planning and it is important to ensure it is planned correctly and well written to avoid ambiguity. Mistakes in your Will could leave your family with high legal fees.
Having a Will in place can help your beneficiaries to plan for Inheritance Tax appropriately and a Will could also be used to potentially reduce your Inheritance Tax liability by making the most of the tax reliefs available.
If you die without a Will, there are certain rules that dictate how your money, property or possessions will be allocated which is unlikely to reflect your intentions.
Review your Will regularly
At Four Wealth Management, your Financial Adviser can help ensure that your arrangement is flexible as you may need to make changes due to changes in your personal finances, adding additional beneficiaries or if new legislation comes into place.
Find out more about Making a Will
Protect your estate today
To protect your assets and loved ones when you are no longer here, it is essential you have an Estate Plan in place. This will prevent large tax bills for your heirs and the courts deciding who receives your assets.
Find out more about Estate Planning
To arrange a no-obligation meeting to discuss how a Financial Adviser could help you with your estate planning phone us on 0117 973 0500.
* Will writing involves the referral to a service that is separate and distinct to those offered by St. James’s Place. Wills are not regulated by the Financial Conduct Authority.
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.
