What is the importance of estate planning?
Estate planning is about more than just tax. It is about making sure the people left behind are financially supported, that your assets are protected and that the tax your estate pays is fair.
The coronavirus pandemic has served as a reminder of the importance of planning for the future and having our affairs in order. Wealth preservation and wealth transfer are becoming an increasingly important issue for many families today.
Your estate consists of everything you own. This includes savings, investments, pensions, property, life insurance (not written in an appropriate trust) and personal possessions. Debts and liabilities are subtracted from the total value of all assets
There are various ways to legally avoid paying inheritance tax and we are here to help you every step of the way.
How to create an ‘estate plan’?
Use our handy Inheritance Tax checklist to help you create your estate plan.
Life insurance within a Trust
Writing life insurance in an appropriate Trust is one of the best ways to protect your family’s future in the event of your death. Your life insurance policy is a significant asset – and by putting life insurance in Trust, you can manage the way your beneficiaries receive their inheritance. The proceeds from the policy can be paid directly to your beneficiaries rather than to your legal estate and will therefore not be taken into account when Inheritance Tax in the UK is calculated.