Having planned for many years for your retirement you may also feel that it’s important to consider what should happen to your estate when you die. This involves not only deciding where you want your money to go but also ensuring that the majority of it will reach the people you intend it to go to.
1. Making a will is the first step
It allows you to ensure that your wishes are carried out properly and appoint guardians to look after any dependants if relevant.
2. Trusts can help in estate planning
These are legal arrangements which facilitate the passing of assets to a person (or group of people) who will then look after and manage them on behalf of the person for whom the trust was set up.
3. Many people often assume that Inheritance Tax won’t affect their estate...
...that it only applies to the very rich. However, thanks to rising house prices, it will affect an increasing number of people, whose families could face a heavy tax burden when they die.
If you’re keen to avoid your family having to pay Inheritance Tax when you die there are a number of ways in which you can mitigate the effects of it.
Whether you’re making a will, considering putting assets into trust or seeking to limit any inheritance tax on your estate, it is critical that you get appropriate professional advice.