Solutions

5 Threats that could dramatically affect your children’s inheritance

  1. It is estimated that 1 in 5 men and 1 in 3 women in the UK over age 65 will need care within their lifetime.
  2. Widows and widowers can remarry after their spouse’s death, legally leaving all of their wealth to their new partner’s family – usually accidentally!
  3. Family arguments can destroy hard-earned, long-accumulated wealth.
  4. The Chancellor of the Exchequer will take 40% of your wealth over the Nil Rate Bands.[1]
  5. After inheriting your wealth, your children may divorce, face bankruptcy, have special needs requiring care or become seriously ill and unable to take charge of their financial affairs

How could an estate be administered efficiently?

Our professional service can advise clients beyond simply administering and winding up an estate. We add value by:

  • Removing as many problems from our clients as possible by being efficient and dependable,
  • Communicating what, why and when we do things on your behalf,
  • Distilling advice that makes a difference to their future,
  • Making savings for clients where possible, e.g. Minimising inheritance tax,
  • Ensuring that the deceased’s Will is appropriate for the beneficiaries,
  • Ensuring that the beneficiaries’ estate planning is in order.

 

Inheritance Planning Company are specialist Estate Planners and Managers with many years of experience. We create Wills and Trusts that allow full access for the surviving spouse whilst planning beyond, so that the next generation and their heirs can inherit in the most tax efficient way. This allows the heirs’ inheritance to be unaffected even if the surviving spouse/partner remarries or needs residential or nursing care. The next generation can have the use of the estate with protection against potential hostile creditors and inheritance tax. This cannot be achieved by “all to my spouse” type Wills, which leave estates open to all of the above threats.

We are able to administer estates under a number of circumstances, even if the will in question was set up by another organisation or company. Additionally, we can competently manage intestacy (where the deceased does not have a will), adding considerable value to the estate by varying the terms of the survivor’s entitlement. We can always help to provide asset protection and minimise the effect of inheritance tax.


 

[1] The Nil Rate Band threshold is currently £325,000 per person. Up to that threshold inheritance tax is 0% (hence ‘Nil Rate’). Above that the tax is 40%


 

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