Looming pension pitfall

£50 billion of hard-earned pension funds could be in jeopardy

Recent investigations by the Centre for Economics and Business Research have illuminated a daunting predicament facing the United Kingdom’s pension sector[1]. An alarming £50 billion of hard-earned pension funds could be in jeopardy, lost within neglected accounts or dispersed amongst a myriad of forgotten pots.

Understanding estate planning

Managing your assets and final wishes

Some people may believe estate planning is just for the wealthy. However, effective estate planning is essential to managing your assets and final wishes while trying to ensure your family’s financial stability once you have passed on.

Empowering you to retain control

First step towards safeguarding your legacy and providing for your loved ones

Estate planning is crucial as it empowers you to retain control over your assets, express your desires clearly and alleviate the burden on your loved ones during challenging times. Understanding the importance and benefits of estate planning is the first step towards safeguarding your legacy and providing for your loved ones.

Set clear objectives for your estate plan

Carefully tailor your goals and personal circumstances

Estate planning is far from straightforward. It encompasses myriad considerations, and adopting a one-size-fits-all mentality is not advisable. Each individual’s plan should be carefully tailored to their goals and personal circumstances.

Documenting your assets, inventory, and debt

Deciding on the distribution of your possessions posthumously

Making an inventory of your assets and debts is a fundamental step in estate planning. By creating a comprehensive list of everything you own and owe, you gain clarity on your estate’s contents. This knowledge is essential before deciding on the distribution of your possessions posthumously.

Strategies and solutions

Bringing significant peace of mind as you age

Getting your affairs in order for when you pass away can bring significant peace of mind as you age. Failing to protect family wealth from Inheritance Tax as part of an estate plan could cost families considerably, but there are various strategies and solutions to avoid or mitigate this tax legally.

Meticulous succession planning and intergenerational wealth transfer

Multifaceted endeavour that extends beyond mere financial transactions

Judicious planning can considerably lessen the Inheritance Tax burden on an estate. Throughout our lifetimes, we amass wealth and assets yet often neglect to ensure their passage to subsequent generations – our offspring, grandchildren and extended family members. The essence of estate preservation lies in facilitating the smooth transition of wealth from one generation to the next.

Residence nil rate band

Bringing more estates into the scope of taxation

The advent of the ‘residence nil rate band’ (RNRB) has significantly simplified the process for certain individuals aiming to bequeath their family home. With property values on the rise across the UK, many find their estates surpassing the £325,000 ‘nil rate band’ (NRB) threshold for Inheritance Tax, thus bringing more estates into the scope of taxation.

Wealth transfer through pensions

A robust vehicle largely insulated from Inheritance Tax

In the realm of estate preservation, the strategic transfer of wealth to subsequent generations is paramount. Notably, pensions serve as a robust vehicle for such transfers, largely insulated from Inheritance Tax, provided the discretion in death benefit payouts lies with the scheme’s trustees or administrators.

Making a Will

Dictate the allocation of your assets, finances and personal property

Your Last Will and Testament is a pivotal document that enables you to dictate the allocation of your assets, finances and personal property upon your demise. It is also a fundamental aspect of estate planning, crucial for ensuring that, in the event of your passing, your assets are allocated in an orderly manner to the chosen beneficiaries.