Our Independent Financial Adviser, Tabitha Parham, gives her top 5 tips for you to consider when it comes to inheritance planning.
Understand your situation – Whether this is getting an updated value on your house, your valuables or even a classic car, knowing the true value of your estate is the first step to sorting any potential liability.
Understand your priorities – Many of our clients view themselves as the guardians of the family wealth, with goals to be as comfortable as possible during their lifetimes, but also to make sure that their children and grandchildren are looked after in the years to come. Consider what your priorities are?
Make a Will – If you pass away without a Will you die ‘intestate’. This makes the administration of your estate more difficult than it needs to be for your loved ones and those you leave behind. It could potentially mean that your money and possessions are not distributed as you would have wished.
Utilise your gifting allowances – Everyone has an annual gifting allowance, utilising this doesn’t start the ‘7-year clock’. (talk to us if you aren’t sure what this is!)
Keep good records – Along with making a Will, a record of any gifts you have made is very helpful for financial planning purposes and for the executors of your Will. You will find a handy planner to help with this in our latest Venture magazine. Visit our Insight section and flip to page 23.
If you would like to know more about inheritance tax planning then we offer a free, non-obligatory appointment with one of our advisers. They will be happy to discuss your circumstances in more detail, and tailor our planning advice to your personal needs.
