We all want to pass on our wealth to our family, but without astute planning, more of your money will find its way to the taxman rather than your nearest and dearest.
Nobody can predict what may happen tomorrow, and should you pass away prematurely, your assets may not be distributed to loved ones in the way that you would prefer. Despite this, estate planning is often considered to be a form of financial planning that is sorted in later life, regularly neglected or put off by younger generations.
In truth, planning your estate safeguards your family from sudden misfortune, ensuring that they are financially stable when you are gone.
Wills are central to estate planning, controlling how your assets are distributed. Without a legitimate will in place, your family may not receive the assets they expect, bringing about more stress and frustration at an already emotional time. Through will writing, we can help you set up trusts for your children and protect your property.
We can also help you establish Lasting Power of Attorney, guaranteeing that your finances and affairs are controlled by a nominated member of your family should you no longer be capable of managing your money due to accident or illness.
Wealth of Advice is well placed to advise you on how to mitigate potential Inheritance Tax payments, be it through the awarding of gifts or particular forms of investment. Estate planning essentially allows more of your wealth to be distributed to those you care about, rather than seeing substantial sums taken by the taxman.
Time is of the essence, so act now to futureproof your family and your funds.
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Unit 3 Mandale Park,
0191 384 1008