Will and Estate Planning

Why make a will?

Everyone knows what a Will is - most people agree that they need one but not everyone knows why they should make one without delay. Many assume, quite wrongly, that all their property will automatically pass to their spouse.

If you Do Make A Will

• If you do make a Will then the legal process in dealing with your affairs will be easier, and much less painful at a time when your loved ones will need all the help that they can get.
• If you do make a Will then you can name the beneficiaries (including charities and friends if you so wish) and you will know with certainty who will inherit from your efforts.
• If you do make a Will then you can appoint guardians of your choice who will look after your children until they reach the age of eighteen.
• If you do make a Will you can distribute your assets in such a way that any Inheritance Tax charge is minimised or even removed altogether.
• If you do make a Will your family will have clear directions on how to deal with your affairs and may not need to employ (and pay) professionals.

If You Do Not Make A Will

• If you don't make a Will then on your death you will have died intestate. This can be as painful as it sounds for your loved ones who may suffer financial hardship and distress at a time when they least need it, whilst your affairs are sorted out.
• If you don't make a Will then you will have no control over who will inherit what you own. On an intestacy who inherits what depends on which of your relatives is alive at your death and how large your estate is. Spouses may not receive everything and charities, friends and unmarried partners will definitely receive nothing.
• If you don't make a Will and you are a parent of young children then you will have no control over who looks after them should anything happen to you. In such circumstances, the courts will appoint someone on your behalf - someone that you may not have chosen.
• If you don't make a Will then your estate may have to pay a charge of inheritance tax.
• If you don't make a Will then your family may have to employ professionals to sort out the mess that you leave behind. Their charges could mean that they become significant beneficiaries of your estate.

Estate and inheritance tax planning

Inheritance Tax (IHT) is a major concern for many of our customers; especially as UK property prices continue to rise and more and more estates fall within the IHT threshold. Without proper tax planning, people can end up leaving a substantial tax liability on their death, considerably reducing the value of the estate they pass on to chosen beneficiaries.

Minimising your tax liability and maximising what you're able to pass on calls for considerable skill and foresight - and a detailed knowledge of the IHT rules and regulations.

Protect your family

Protecting your family's future

Life can be unpredictable. So it's reassuring to know you can put steps in place to financially shield your family against unexpected events like bereavement and sickness. We can help you look at your situation and advise on your protection needs, from life assurance to healthcare cover. We can also recommend ways in which to make provisions for your family.With careful planning it's possible to financially safeguard your family, no matter what the future holds. That can include reducing your inheritance tax (IHT) liability, making a tax-efficient will, and providing a tax-free cash lump sum for your dependents in the unexpected event of your death. So you get peace of mind.

Financial gifts

It pays to be generous with tax efficient family gifts. Our Financial Planning Managers have the expertise to advise you on financial gifting and on other tax efficient ways to provide for your children and grandchildren's futures.When you've worked hard to look after your family, you want to be sure you can pass your assets on to them, and not to the taxman. Many such gifts are exempt from inheritance tax (IHT), including those given out of surplus income or within the annual gift allowance.

We can help you find the solution that best suits your circumstances

Protecting against external factors

It's a good feeling, knowing that you're building up a savings reserve. But there's a chance you may be able to do more with it. Our Financial Planning Managers can work with you to ensure your savings are in the right place. Through a combination of expert advice and the ability to introduce you to a specialist tax professional, we can check that you're taking advantage of applicable tax breaks. And if you're just starting out, they can create a tailor-made plan to suit your situation and goals.After all, it really does pay to keep a close eye on your savings. Inflation rises can have a significant impact on rates of return, and potentially beneficial changes to tax allowances can go unused.

Once you're on track, we can help make sure your savings continue to head in the right direction.