Where There’s A Will There’s A Way (To Effectively Plan An Estate)
02/02/2012
In the UK almost 30 million people do not have a will and make the common assumption that when...
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Wills & Succession Planning
Passing on your wealth whether to the next generation, wider friends and family or for charitable purposes takes a great deal of planning. The starting point is nearly always a your Will but there are many other facets to a properly constructed succession plan that need to be considered.
Structuring Your Will
The thought put into the structure of the Will is critical as very few people require a 'standard' Will. The nature of our families and assets mean that proper planning can help to avoid taxes and other challenges not only on your death but for future generations to come.
As the nature of your assets and family change so will the requirements of your Will and therefore it should be reviewed at least every 2-3 years or after a major life event.
In structuring your Will you need to consider who should benefit from your estate and how. The use of Trusts may assist in helping to protect funds from misuse by future generations. Where family businesses are involved Trusts can also provide a separation of control and benefit where appropriate.
However Wills only play a part in the planning process. Many assets such as Life Insurances, Pension Funds and Death in Service Benefits can pass outside of your estate if properly structured. By ensuring they pass outside of your estate they can pass free of tax.
For more information and advice in setting up your Will please contact our Private Client team.
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