The significance of an estate plan transcends the mere distribution of your assets after your demise. Integrating a Power of Attorney (POA) ensures that a trusted individual is empowered to make decisions reflecting your best interests when you’re not in a position to do so.
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Then you decide to establish a trust, it allows you to dictate the conditions under which your assets, be they cash, property or investments, will be managed and distributed. A trustee is then appointed with the legal duty to oversee and manage these assets in the best interest of the beneficiaries.
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If you have business owner status, or have shares of a business, this will be reflected in the value of your estate. Business Relief is a valuable Inheritance Tax relief for qualifying businesses, whether making a lifetime transfer or on death.
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Whether through diligent work, wise investments or an inheritance, achieving financial prosperity brings with it the responsibility of ensuring your wealth benefits future generations rather than being significantly diminished by taxes, particularly Inheritance Tax.
Continue reading “Strategies to maximise wealth preservation”
Living to the ripe old age of 100 could require an additional £260,000 in pension wealth to ensure a comfortable retirement, compared to someone living until the current average life expectancy, according to the Office for National Statistics (ONS)[1].
Continue reading “Age is not just a number”
