Thinking about the future is often put on the back burner. After all, talk of wills, inheritance tax (IHT) and estate planning seems far removed from your day-to-day life.
But they are a vital part of financial planning and wealth preservation. Getting your affairs in order could save you and your family a great deal of money and heartache.
Have you thought what would happen if the unspeakable was to happen and you died tomorrow? Have you, for instance, got sufficient life cover in place to take care of the loved-ones you leave behind?
A core part of any estate planning is making sure that you have an up-to-date will in place. If you are a parent have you named a guardian in the event of your death? If you think your mother or sister will automatically receive custody of your child (or children) you are mistaken.
It is not just your own estate affairs that you need to consider. If you are expecting to inherit large sums of money it is worth checking that your parents or grandparents affairs are set up to mitigate as much IHT as possible as wealth is passed down through the generations.
Some level of IHT may be unavoidable but there are ways to ensure that you are covered for any IHT liability that comes your way. Talk of estate planning is not the cheeriest of subjects and it is easy to put something off that doesn’t affect you today, or even in the near future. But it is a vital part of financial planning and once dealt with you can rest easy that the loved ones you leave behind will be looked after.
To receive a complimentary guide covering Wealth Management, Retirement Planning or Inheritance Tax Planning, contact Simon Hoadley Wealth Management on 01323 431938.