Inheritance planning

Although it might not be an easy topic, planning for what happens to your money and possessions after you have passed away can make a big difference. The sooner you start these conversations and act, the more time you’ll have to use tax allowances effectively, helping your loved ones keep more of your wealth. There are personal wishes to consider alongside financial implications and we’re here to help you plan with both in mind.

If your estate is worth more than the current IHT threshold, 40% tax is typically due. The threshold is currently £325,000 for individuals and £650,000 for married couples. An extra £175,000 allowance may apply if your home is left to direct descendants.

We’ll help you structure your assets in a way that limits the tax your heirs will face. Inheritance planning can be complex, so having expert support is a smart move.

It’s important to remember that taxation rules are subject to change. The impact of tax and any tax relief depends on your circumstances, including where you live.

You can give away money or assets during your lifetime to people or causes you care about. This can minimise the IHT bills that loved ones have to pay and has the added benefit of letting you see the impact of your gifts while you’re still around. We’ll help you include gifting in your financial plan, taking into account your own income requirements as you get older.

Trusts offer a way to pass money or property to loved ones while setting certain conditions. A trustee manages what’s placed in the trust for the benefit of chosen recipients. For instance, you might specify that a child receives access only after a certain age.

There are various trust types, each with different rules. You’ll need to ensure you can afford what you gift, as once it’s placed in trust, it’s no longer for your own use. We’ll help you choose the best approach to suit your goals and those of your family.