It’s a fast-paced world and 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. If you have excess income you could consider gifting away some surplus income to avoid a potential IHT liability. 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.
Many of us are living longer, but this means that there is a greater chance that you may need someone to look after your finances when you are older in the event that you can’t.
This is why people should consider appointing a relative or trusted family friend as an attorney.
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. Estate planning is a vital part of financial planning and once dealt with you can rest easy that your loved ones will be looked after.
For a free guide covering Wealth Management, Retirement Planning or Inheritance Tax Planning, contact Simon Hoadley Wealth Management on 431938.