One Four Nine Wealth – Guide to preserving wealth
Have you decided where your wealth goes and who will benefit from it?
Planning for the future might initially feel overwhelming, but it’s an invaluable step in ensuring your hard-earned wealth serves the people and causes closest to your heart.
It’s natural to worry about the future – what will happen to your loved ones and the life you’ve built when you’re no longer here? The good news is that by creating a deliberate and thoughtful estate plan, you can ease those concerns. A solid plan allows you to protect your family, minimise conflict and uphold the legacy you’ve worked so hard to establish.
Creating a Robust Estate Plan
Why having a plan in place offers peace of mind
Estate planning is often misunderstood as a concern only for the affluent. However, the reality is that managing your assets and final wishes is something everyone should contemplate, irrespective of their financial situation. A robust estate plan acts as a financial safeguard, ensuring your family’s well-being after your passing while also facilitating the smooth handling of your affairs.
Estate planning isn’t exclusively a matter for the elderly, either. Life’s unpredictability means that illness or accidents can strike at any time. Therefore, having a plan in place offers peace of mind that your personal and financial matters will be handled according to your wishes.
Why Every Family Needs Clarity
One critical aspect of estate planning is addressing the implications of taxes, especially Inheritance Tax (IHT). This levy is applied to the estate of someone who has died, including property, possessions and savings. Without careful preparation, your loved ones may face financial burdens that could have been avoided.
Estate planning also allows you to specify how your assets should be distributed. Early preparation is key, whether you want to provide for your children’s education, contribute to a deposit on their first home or ensure your hard-earned wealth stays within the family. If you are married or in a civil partnership, you’ll have the added reassurance of being able to transfer assets to your partner free of IHT, enabling a combined tax-free allowance of up to £650,000.
Read our comprehensive guide to preserving wealth below.
The Financial Conduct Authority does not regulate on Estate Planning, Trust Planning and Tax Planning.
