We updated our mirror wills a few years ago, and had a Lasting Power of Attorney, put in place, before it changed to an Enduring Power of Attorney. (I think that's the right way round). Should we change to being Tenants in Common? Will it make a difference? We had this done before the inheritance tax threshold changed. Do you have any suggestions as to how we could make it better for our three children to inherit?
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Inheritance Tax (IHT) is a major concern for many people when considering what will happen to their wealth when they are no longer around. But there is much more to estate planning than just reducing the amount of inheritance tax our loved ones will pay. Common considerations include: What will my spouse or partner inherit? What other beneficiaries should I choose? Do I have specific items I’d like particular people to receive?
Close Brothers' Senior Financial Planner, Simon Williams, is here to answer your questions about IHT and estate planning, including what it is, what the rules are and what to expect from working with a Close Brothers financial planner.
Close Brothers’ financial planners can help explain the basics of IHT and how it could affect you, as well as help you put a plan in place to give you the peace of mind that your legacy will be left to your nearest and dearest.
Close Brothers Asset Management is a successful wealth management and financial education business with over 40 years’ experience working across the UK. They aim to build and preserve their clients’ wealth by providing a complete, personalised and professional service.
Simon Williams joined Close Brothers in 2010 and works within the Financial Education team, regularly designing and presenting at a wide range of Financial Education and Wellbeing events. Simon wants to ensure that his clients have the appropriate financial framework to support their lifestyle, without any nasty surprises. Getting this right enables people to do the things they really want to do. Financial wellbeing is essential for our happiness, so we shouldn’t leave it to chance.
It is important to remember that the value of investments can go down as well as up and you could get back less than you originally invested.
Please post your questions on IHT and estate planning on the thread below and we'll choose 15 for Simon Williams to answer. We'll post the responses as soon as possible.
Best wishes,
GNHQ
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