Estate planning

Protecting the financial future of the ones you love - estate and inheritance planning that gives you financial control.

Estate or inheritance (IHT) planning is the process of protecting your wealth after you have gone and ensuring you retain control over how your assets are distributed.

Your “estate” includes everything that you have of value. That can include everything from your home, car and jewellery to savings and investments.

Estate planning covers:

  • Managing your tax obligations
  • Putting a comprehensive will in place that reflects your wishes
  • Creating a long-term care plan to provide for your future needs
  • Safeguarding the financial stability of your loved ones

Inheritance can be an extremely complex and emotive area, but advanced planning and independent financial advice can help your loved ones to get the most out of what you leave behind.

Inheritance tax planning (IHT)

Without proper financial planning, the harsh reality is that HM Revenue & Customs could become the largest beneficiary of your estate following your death.

Inheritance tax is payable if your estate exceeds the nil-rate threshold, which will be fixed at £325,000 until 2021. As of 6 April 2017, each person now gets an additional £100,000 (rising to £175,000 by 2020/21) tax free allowance to use against the value of their home if it is passed to a direct descendant.

Wills, trusts & powers of attorney

Wills, trusts and lasting powers of attorney (LPAs) are the foundation of all inheritance and estate planning as they allow you to effectively plan your financial legacy.

In addition to ensuring that your estate is passed to your chosen beneficiaries in accordance with your wishes, advanced planning can ensure that the people you nominate are able to act in your best interests, both financially and medically, should it ever be required.

Long-term care

Did you know that if you have assets of more than £23,250 (in England and Northern Ireland), £30,000 (Wales) and £26,250 (Scotland) you would not be entitled to financial assistance from your local authority towards your care fees?

Latest figures reveal that the average weekly cost of a room in a residential home in the UK is £621, and a room in a nursing home cost £876.*

As we continue to live longer lives, the cost of long-term care is something we should all be thinking about. Professional financial advice can help you make provisions for your care costs in later life.

*According to Which April 2019