One thing for certain is that we will die, as to when this will happen nobody knows, unfortunately we have no control over when we die. What we can control is the arrangements we make and the legacy and in most cases the chaos we leave behind.

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At Wealth Ideas we can guide and advise you to ensure that your assets are inherited correctly and protected for future generations.

 

Currently a vast amount of people die without a Will, this includes the most financially sophisticated. By doing so, you follow the governments Will otherwise known as “The Rules of Intestacy”, what does this mean……a nightmare, no access to funds, financial crisis and unnecessary inheritance tax which at 40% is no mean feast!

 

For a married person with children a mere £270,000 of solely owned assets would pass to the spouse with an absolute interest in half of the remaining value, creating a huge and unnecessary inheritance tax bill, in the event of both dying would be a nightmare, with the government controlling and making decisions on assets as well as who would be appointed as legal guardians for any children.

In the first instance this can be immediately resolved by putting a Will in place with all assets inherited via a Flexible Family Trust for the Nil Rate band value with the residue going into an Interest in Possession Trust. As settlor and Trustee you maintain controlling power during your lifetime and changes can be made.

 

Any Life Assurance should be assigned into Trust, this would then remove any proceeds from the estate which would reduce the inheritance tax figure whilst protecting against third party attack through breakdown in relationships, financial problems and long term care financial assessment.

 

In all instances it is recommended that assets pass via a Trust rather than directly, this then protects assets in the event of either one of you remarrying after first death, financial attack from creditors and generational inheritance Tax.

 

Each Trust has a life of 125 years enabling assets to pass through various generations of your family, providing protection their children etc, ensuring assets are never lost should their relationships fail or bad financial decisions are made as well as ensuring inheritance tax is not paid over and over again.

 

Please note these are Flexible Trusts and the above is for example purposes only and may not be relevant to your individual circumstances.

 

Once death planning requirements have been satisfied, we can move onto life time planning. Protecting the assets that you have worked hard for, that you want your children, family and chosen beneficiaries to benefit from.

 

Wealth Ideas work with a number of highly regarded chosen partners who are top in their field and highly respected and look forward to guiding you through this process and protecting your earned assets for your family.