Services Estate Planning


Estate Planning


Estate Planning

Estate planning is simply an exercise to ensure that you pass your assets on to the beneficiaries that you choose to receive them, either during your lifetime or on your death.

Unfortunately, many people neglect this very important area of planning, which can result in assets passing to family members that were not intended beneficiaries, or even worse in some cases, to the taxman!

Estate planning is often thought of as a very complex area of financial planning, but it does not need to be. For many people simply arranging a will takes care of their estate planning needs. For others, it may be setting up a trust that helps acheive their goals. However, there are indeed also complex areas of estate planning, such as Inheritance Tax (IHT) mitigation or Long Term Care (LTC) funding.

Inheritance Tax (often referred to as IHT) is the tax levied by the Government on your estate when you die. Your estate is everything that you own at the time of your death, less what you owe. It is a very simple tax Рa charge of 40% is made on the net value of everything that you own above a designated threshold which is called the Nil Rate Band (commonly referred to as the NRB). Currently the NRB is £325,000 for each individual.

Please be aware that this is not just a tax on the super rich. Recent rises in property values and increased personal wealth mean that many more people own assets that are currently at, or will rise to in the future, a level that is well above the NRB threshold. So without careful estate planning your family could be faced with a very large tax liability that they were not expecting.

Whether your needs are simple or complex, our estate planning service will ensure that your personal goals are met, giving you that all important peace of mind.

If you would like to find out more please go to the Contact Us section of our website.

Tax treatment depends on an individual’s circumstances and may be subject to change in the future. Taxation advice is not authorised by the Financial Conduct¬†Authority.