Protecting your family

You can’t predict everything that the future holds, so it may seem like a difficult task to plan for the unexpected. In the event of a death, illness or redundancy, it’s wise to be prepared so the financial impact on your family is as small as possible. You don’t have to plan for every eventuality, but you should consider taking steps to ensure that whatever the future holds, your family’s financial needs are taken care of.

Your children

Whether they are still young, or have already flown the nest, your children’s future is likely to be as important and precious to you as your own. University, buying a first home, supporting children of their own; all of these things can be a huge financial hurdle, and you may be looking for ways to help your children overcome them.

A recent Mori survey showed that half of home-owning parents didn’t think their children would be able to get on the property ladder without parental support. If one of your goals is to help with buying a first home, you will need to start planning carefully so you can achieve your aims without jeopardising your own financial wellbeing.

Your job

Most of us know someone who has been affected by redundancy, and will be aware of the enormous emotional and financial impact it can have. Sadly, redundancy is now all too common, so it’s important to have a contingency plan in the event of losing your income. With careful pre and post redundancy planning, the knock-on effects can be minimized, helping you and your dependents through what could be a difficult period.

Your health

In the event of long-term illness or disability, the last thing you will want to be concerned about is paying the bills. Adapting to a new level of income can be traumatic, but you can protect yourself and your loved ones from financial hardship with the right contingency plan or insurance.

Equally, no-one likes to think about death, but if you have dependents, how can you be sure their needs will be taken care of if the unthinkable happens? Building adequate provision into your financial plan will give you and your loved ones complete peace of mind.

Your legacy

It can be a comforting thought to know you have made adequate provision for the loved ones you leave behind, but increasingly demanding inheritance tax laws or a poorly-defined will could mean your legacy is worth less than you’d hope.

The legislation that governs passing on your estate to your chosen beneficiaries requires you to plan well in advance. Since none of us knows when we shall die, this means making the necessary provisions now.

Tax can be complicated and may feel daunting if you’re not familiar with the current legislation. By taking advantage of our expertise in all areas of estate planning, you could help your family pay much less inheritance tax – and in some cases, none at all. 

Taking professional advice when drawing up or reviewing your will can help you avoid any potential legal pitfalls or ambiguity. Then our discreet estate planning service will advise you on the best way to avoid inheritance tax, for example via insurance, the transfer of personal or business assets, or exemptions and tax rates you may not be aware of. We can then set up your chosen products and help you manage them. For example, Trusts are very efficient tax vehicles and are outside the inheritance tax net – an ideal way to secure your assets for your spouse, children or grandchildren.

The earlier you make the arrangements, the greater your chance of taking full advantage of the tax opportunities available and thereby maximising the amount that goes to your beneficiaries. Nothing is more demoralising than the thought that a substantial slice of the wealth you have worked hard to accumulate will end up in the Government's coffers!

We strongly advise you to begin your estate planning right away and safeguard your legacy for your loved ones.

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