Transferring
Passing Wealth To The Next Generation
Creating a plan to pass on your wealth can help ensure your loved ones are supported in the future and that your intentions are clearly carried out. One effective approach is to use trusts, which are legal arrangaments that allow you to set aside assets for your children or grandchildren, with clear instructions on how and when they should be accessed.
Trusts can offer a great deal of control and adaptability. Whether your prefer a straightforward arranagement where beneficiaries receive their inheritance at a set age, or a more flexible options where decisions are mafe over time by chosen trustees, there’s a solution to match your goals. In many cases, you can remain involved in the process, perhaps as a trustee yourself, ensuring peace of mind while laying strong financial foundations for generations to come.
Keeping it Tax-Efficient
Trust planning can also play an important role in managing your estate’s exposure to inheritance tax. By placing assets into a trust, you may reduce the taxable value of your estate over time, particularly if the arrangement is in place for seven years or more.
Certain trusts can be tailored to help with specific family needs, such as funding education or helping grandchildren onto the property ladder, while still preserving long-term tax advantages. Trustees can distribute funds as needed, and your arrangements can be designed to adapt to changing circumstances. Engaging a qualified financial adviser ensures your plan is robust, compliant, and aligned with your family’s evolving needs.
We do not give tax advice directly, but we work with other trusted advisers who can assist with this area.
Trusts can offer a great deal of control and adaptability. Whether your prefer a straightforward arranagement where beneficiaries receive their inheritance at a set age, or a more flexible options where decisions are mafe over time by chosen trustees, there’s a solution to match your goals. In many cases, you can remain involved in the process, perhaps as a trustee yourself, ensuring peace of mind while laying strong financial foundations for generations to come.
Wills & Powers of Attorney – Protecting Your Wishes
Having a trust in place is just one part of a complete estate plan. To ensure your wishes are carried out both during your lifetime and after you’re gone, it’s also essential to have a professionally drafted Will and Lasting Powers of Attorney (LPAs). A Will gives you control over what happens to your estate when you pass away, helping avoid confusion, prevent potential conflicts and make sure your loved ones and chosen causes are looked after as you intended.
LPAs, on the other hand, allow you to appoint trusted individuals to make decisions on your behalf if you’re ever unable to do so yourself. This might include managing your finances, overseeing property or making important health and care choices. Together, Wills and LPAs offer peace of mind that your affairs are in safe hands, whatever the future may hold.
Making The Most of Financial Gifts
Gifting money or assets during your lifetime can be a thoughtful way to support loved ones while also playing a role in your wider estate planning. Whether you’re helping children onto the property ladder, funding a grandchild’s education, or simply passing on wealth gradually, lifetime gifts can be a powerful and rewarding tool. With the right planning, you can make use of available allowances to reduce the potential impact of inheritance tax, all while seeing the benefit your support brings in real time. Structuring gifts carefully ensures they align with your long-term goals and don’t impact your own financial security.