Four Ways To Secure Your Family’s Financial Future
Ashley Marshall, private client solicitor at Farleys explains how you can plan for the future
Wouldn’t it be amazing if we could see into our future and plan accordingly? Without that crystal ball, none of us can be certain about what the future holds. What we can do however, is put in place a plan for ensuring that our loved ones are protected should the worst happen and we are no longer able to support them.
“It’s very common for people to put off making estate planning decisions until later life,” says Ashley Marshall, private client solicitor at Farleys.
“People often find it difficult to approach, where to start and ensure they have done everything they can in a tax efficient way.”
There are different ways to protect your wealth for future generations. The right financial planning will not only ensure that your estate is distributed exactly how you’d like it, but also can help to reduce your taxable estate and liabilities.
Whilst there are many things to be considered with effective estate planning, Ashley gives four main points to consider:
MAKE A WILL AND REVIEW IT REGULARLY
Arguably the most important thing to do. Your will underpins all of your other estate planning and will help to set out what you would like to happen to your money, assets and possessions when you die. More than half of the adult population don’t have a will in place, and put off making one but it is a key part of succession planning. Your will also needs to be reviewed regularly to account for changes in your family circumstances.
POWERS OF ATTORNEY
Whether in relation to personal or business a Lasting Power of Attorney (LPA) ensures that someone can make decisions on your behalf and manage your affairs should you be incapacitated for any reason. An LPA can be financial, legal or health related, and allows you to appoint a trusted individual to act on your behalf should the need arise.
INHERITANCE TAX PLANNING
A large part of estate planning is looking at how IHT may affect your estate and putting in steps to mitigate this where possible, through structuring your estate effectively, through investments or gifting assets.
TRUSTS
There are many different types of trusts, but simply put a trust can help you when deciding who will benefit from your assets, how they can be used, and when they can be received.
Speaking to the right professional can help you to ensure that you protect what matters the most to you and plan for the future.
Speak to Farleys’ expert private client team on 01254 368040, visit: farleys.com or email: info@farleys.com
