Control over your assets for the benefit of one or more people
Putting your savings, investments, life policies or assets into a trust can play an important part in estate planning. A trust is a legal entity that has control over assets for the benefit of one or more people, and there are different types of trust which can be set up according to what you intend to achieve.
Passing your estate to the people that matter to you in the most effective way
The term ‘estate planning’ can be defined as passing your estate to the people that matter to you in the most effective way. In order to protect the future wealth of your family and loved ones, it is essential to have provisions in place after you’re gone, and one of the simplest ways to prevent unnecessary tax payments such as Inheritance Tax is to organise your tax affairs by obtaining professional advice and having a valid Will in place to ensure that your legacy does not involve just leaving a large Inheritance Tax bill for your loved ones.
Permitting someone to act on your behalf
A Power of Attorney is a legal document that allows you to give someone else the legal authority to act on your behalf. There are several different types of Power of Attorney. A Lasting Power of Attorney (LPA), previously called an ‘Enduring Power of Attorney’, allows your attorneys to make decisions for you when you no longer wish to, or when you lack the mental capacity to do so.
An essential part of your financial planning
Your Will lets you decide what happens to your money, property and possessions after your death. If you make a Will, you can also make sure you don’t pay more Inheritance Tax than you need to. It’s an essential part of your financial planning. Not only does it set out your wishes, but die without a Will, and your estate will generally be divided according to the rules of intestacy, which may not reflect your wishes. Without one, the State directs who inherits, so your loved ones, relatives, friends and favourite charities may get nothing.
No one is immune to the risk of illness and accidents
You might think this may not happen to you (and, of course, we hope it doesn’t), but it’s important to recognise that no one is immune to the risk of illness and accidents.
Minimise the financial impact on you and your loved ones
We never think a critical illness is going to happen to us, especially when we feel fit and healthy, but it can and does. If the worst does happen, it’s important to make sure you’re financially protected against the impact a critical illness could have on you and your family.
Guaranteed financial protection that lasts for the rest of your life
As the name suggests, whole-of-life insurance policies are ongoing policies that pay out when you die, whenever that is. Because it’s guaranteed that you’ll die at some point (and therefore that the policy will have to pay out), these policies are more expensive than term assurance policies, which only pay out if you die within a certain time frame.
The most basic type of life insurance
With term life insurance, you choose the amount you want to be insured for and the period for which you want cover. This is the most basic type of life insurance. If you die within the term, the policy pays out to your beneficiaries. If you don’t die during the term, the policy doesn’t pay out, and the premiums you’ve paid are not returned to you.
Helping dependants to cope financially in the event of your premature death
It may be the case that not everyone needs life insurance (also known as ‘life cover’ and ‘death cover’). But if your children, partner or other relatives depend on your income to cover the mortgage or other living expenses, then the answer is yes – you probably do want life insurance, since it will help provide for your family in the event of your death.
Inheritance tax (IHT) is payable by some people who, for the most part, could have avoided it. If you want your estate to go to your loved ones with the minimum amount of IHT payable, you should obtain professional advice. There are currently a number of generous reliefs relating to IHT.
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