Preserving your estate

“Ensuring the right money goes to the right people at the right time”

The Financial Conduct Authority do not regulate will writing, inheritance tax planning, trusts, lasting power of attorney and tax planning.

If any of the following areas are of concern, we can ensure a specialist helps you.

We will advise you whether that specialist is part of Quilter Financial Planning.

Why do I need a will?

Having a will is the only way to be sure that your estate is dealt with exactly as you wish when you die. It is not as simple as your entire estate automatically passing to your spouse.

If you do not have a will, the law of the country you live in will decide what happens to your estate. The outcome can be influenced by laws of other countries where you may have assets, or have lived in the past. This can take a long time to resolve.

Key topics that influence the law’s decision on where your estate is passed without a will are:

• The value of your estate
• Whether you have children
• If you are currently married.

A will also ensures that children or dependents are looked after in accordance with your wishes.

Inheritance tax is only for the super-rich, so I do not need to worry!

Turning a house into a home is a thing to cherish, and takes time. Your home is also likely to be the biggest single asset in your financial estate. As a result it can impact how much of your estate is passed on to your loved ones in the event of death.  Inheritance tax is payable on death, but can also have to be paid during your lifetime depending, on how you ‘gift’ away assets.

Each year the UK Government reviews the tax rates payable, the reliefs available, the amounts over which it becomes payable and how it treats gifts during your lifetime.

It is important to plan each year and check that your estate is passed legally and ethically to your loved ones without a major part being paid to the tax man.

Trusts – what do they do?

A trust is a legal deed that ensures the asset placed inside it is treated in a specific way for taxation and access.  For example, a trust helps ensure that life cover is paid out quickly to those who need it, and often without impacting taxation issues. By placing life cover in trust, the proceeds can be placed outside your estate for inheritance taxation treatment.

We strongly urge all our clients to consider this option.

Lasting and enduring power of attorney

This allows you to grant somebody else the power to act on your behalf.  There are different types depending on where you live, what types of decisions you want to use it for, and when you want to use it. For example, some cover property and financial decisions, and others cover your health and medical well-being.

Please Note: These services are by referral only.