Estate planning and tax advice
Planning for what will happen after your death can give you peace of mind, and is one of the more important things you can do as you approach later life.
Estate planning allows you to make a plan for what you want to happen after your death. It can make the lives of your loved ones much easier and reduce the potential Inheritance Tax liability. Working seamlessly together, our tax services and wealth management teams can help you put your affairs in order.
Last Will and Testament
Making a Will ensures that:
- You control what happens to your property
- You can specify who you want to deal with your affairs
- You can specify any personal requirements regarding funeral arrangements, etc
- You do not die intestate, which results in it taking longer to sort out your affairs
- Unmarried partners are not covered in the same way as married couples. Currently unmarried partners cannot inherit from each other unless there is a Will. It may be possible to reduce the amount of Inheritance Tax payable if advice is taken in advance and a Will is made.
Lasting Power of Attorney
Statistics show that 1 in 3 of us will require long-term care later in life. Without the proper documentation in place, important decisions regarding your health, welfare, property and financial affairs will be taken by the Office of the Public Guardian, rather than nominated persons, normally family and trusted friends.
A Lasting Power of Attorney (LPA) is a legal document that allows someone to choose other people to make decisions on their behalf when they lack mental capacity to make the decisions themselves.
Inheritance Tax planning
In 2016, households in the UK paid more in Inheritance Tax than at any other point since the recession struck in 2008, official figures show. In fact it is worth noting that since 2010 the amount that HMRC has collected has doubled.
We are able to advise clients on protecting their assets from both Inheritance Tax and Capital Gains Tax. As this is a complex area, we provide a personalised report summarising the benefits and costs of this planning in detail. It will show you how to arrange your family’s affairs in order to minimise death taxes.
For help with your Estate Planning or for a no obligation chat, please contact Phil Atherton, Director of Estate Planning.