Making a Will
Avoid legal wrangles and confusion over who will benefit from your estate A valid Will is an incredibly important part of estate preservation planning and will ensure that, should the worst happen, your assets, whether they be financial wealth or possessions, are distributed in an orderly fashion to the right beneficiaries.
Leaving your legacy behind
Make sure your money and possessions go to the people and causes you care about Thinking about death isn’t easy. Talking about it is even harder. The reality of our own mortality is a tough subject, but a discussion will ensure your assets are left to the right people.
Trusts
‘Ring-fencing’ assets to protect family wealth for future generations You may want to consider putting some of your assets into a trust for a loved one. Trusts are a way of managing wealth, money, investments, land or property, for you, your family or anyone else you’d like to benefit.
UK Trust Register
Understanding how the introduction may affect you and your trust When you put assets in a trust, they are under the control of an appointed person or persons called ‘trustees’. The trustees then manage the trust according to your instructions, even after your death.
Bare Trust
Held for the benefit of a specified beneficiary Bare Trusts are also known as ‘Absolute’ or ‘Fixed Interest Trusts’, and there can be subtle differences. The settlor – the person creating the trust – makes a gift into the trust which is held for the benefit of a specified beneficiary. If the trust is for […]
Discretionary Trust
Wide class of potential beneficiaries With a Discretionary Trust, the settlor makes a gift into trust, and the trustees hold the trust fund for a wide class of potential beneficiaries. This is known as ‘settled’ or ‘relevant’ property. For lump sum investments, the initial gift is a chargeable lifetime transfer for Inheritance Tax purposes.
Flexible Trusts with default beneficiaries
Default beneficiaries set up in the settlor’s lifetime FlexibleTrusts are similar to a fully Discretionary Trust, except that alongside a wide class of potential beneficiaries, there must be at least one named default beneficiary. Flexible Trusts with default beneficiaries set up in the settlor’s lifetime from 22 March 2006 onwards are treated in exactly the […]
Split Trusts
Family protection policies These trusts are often used for family protection policies with critical illness or terminal illness benefits in addition to life cover. Split Trusts can be Bare Trusts, Discretionary Trusts or Flexible Trusts with default beneficiaries. When using this type of trust, the settlor/life assured carves out the right to receive any critical […]
Lasting Power of Attorney
Allowing someone to make decisions for you, or act on your behalf A Lasting Power of Attorney (LPA) enables individuals to take control of decisions that affect them, even in the event that they can’t make those decisions for themselves. Without them, loved ones could be forced to endure a costly and lengthy process to […]
Business Relief
A key 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 business owners, whether making a lifetime transfer or on death. Business relief […]
