Inheritance Planning
The starting view for many is estate planning is all about when you die and passing on money. Clearly, yes this is a part of it - but it’s also about enjoying life now and ensuring you have enough to live on.
Protecting
Your Loved Ones
There are many ways to give away money, for example; one-off cash gifts, gifting a regular income, setting up trusts for long-term giving. With various rules on inheritance tax, potential tax implications and consequences – it’s so important to start planning early.
We will discuss with you such things as:
- How much money you require to maintain your lifestyle
- Assets you own, such as land/property & personal items
- Who you wish to pass assets to on your death
- How to pass on assets in an efficient and effective way
- Potential tax bill implications
We offer advice on…
- Trusts
- Wills
- Allowances & reliefs
- Gifts
Trusts
In essence, a trust is a legal arrangement where you give cash, property or investments to someone else – so they can look after them for the benefit of a third person.
If you are a trustee, you must use the money or assets in the trust only for the beneficiary’s benefit. Exactly what you can and can’t do as a trustee should be set out in detail in the trust agreement.
If the trust is a ‘discretionary trust’, the trustees will have more freedom to make decisions.
For example, if the trust is set up to benefit a number of young children, you and any other trustees can use it for anything you agree is for the benefit of any one of the children, like paying for a school trip.
If you’re being asked to be a charity trustee, there are additional duties.
Before you agree to become a trustee you should seek professional advice from a financial adviser or a solicitor – to make sure you understand everything that’s involved.
