Estate Planning & Will Writing

Making arrangements in the event of your death can be daunting, our expert advisors aim to build a personal relationship with you, so it needn’t be a difficult task. We make sure to understand you and your wishes, so that we can tailor your planning to cater for exactly what you intended.

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    Key Features

    Estate Planning is often left too late, below are some areas of consideration when planning your wishes.  We can help answer questions on these, or explain how your current provisions will cater for your loved ones.

    • We can create trusts to ensure your wishes are carried out
    • Trust planning can reduce Inheritance tax for your loved ones
    • Inheritance tax is currently 40%, good planning can reduce this to zero
    • Do you have a potential Inheritance tax liability? We can help explain your circumstances.
    • Good planning can provide financial security for your loved ones
    • Have you considered how your Children would be looked after?

    The Financial Conduct Authority does not regulate tax, estate, or will planning.

    Estate Planning

    Estate planning is an effective strategy for helping to minimise the tax paid when your beneficiaries inherit the assets you leave behind. Estate planning consists of employing sometimes multiple strategies to ensure that you have control over both your capital and income. Equally important is control over who inherits your wealth and when they do. We understand that every family is different, so our estate planning solutions will help ensure that your estate can be passed on to who you wish, as you wish.

    There are Four key areas for consideration:

    • Wills
    • Trusts
    • Power of Attorney
    • Inheritance Tax

    Why it is important to make a will?

    Making a Will gives you the opportunity of ordering your affairs for after your death. We all have a natural reluctance to contemplate our own death, but it is the one thing in life that is guaranteed!  If you don’t leave a Will then a rigid set of Intestacy rules will dictate what happens to your assets and your property.

    Unmarried partners and partners who have not registered a civil partnership can not automatically inherit from each other unless there is a Will. So the death of one partner may create serious financial problems for the remaining partner, if not addresed.

    If you have children, you will need to make a will so that the necessary arrangements for the children can be made should the worst happen. Ensuring that both parents have Parental Responsibility of their children is very imperative and ensuring that Guardians are chosen should both parents suddenly pass away is also important.

    Making a Will may also potentially help to reduce the amount of tax payable on the inheritance if advice is taken in advance.

    Moving forward, if your circumstances have changed, it is important that you make a will to ensure that your money and possessions are still distributed according to your wishes. For example, if you have divorced since formulating your will, of suffered a bereavement, you may wish to review your beneficiaries.  Conversly, most people are unaware that if you are married or enter into a registered civil partnership, this will make any previous will you have made invalid

    Trusts

    Estate planning trusts are a great way of managing assets. Essentially, a trust allows there to be a set of rules in the gifting or loaning of assets to a beneficiary. Whilst the concept of a trust is fairly simple, there are many different types that are all taxed differently.

    Who benefits from trusts?

    Trusts can be effective in managing your assets should you or your family become unable to do so. They are also practical when the beneficiaries are too young or not of sound mind.

    Our advisors can precisely employ a trust with all your stipulations. Speak to a member of the Pure Wealth Management team today, to find out more about trusts.

    What is a Lasting Power of Attorney?

    An LPA allows you to appoint an individual who will be your legal representative if declining mental health, brain injuries or physical injury leaves you unable to manage your own affairs and financial wellbeing. This attorney will represent you if you are no longer capable of communicating your own wishes.

    When you appoint an attorney, you can decide when the named individual acts. For example, you can state that they will only step in if certain circumstances arise. For example, experiencing mental health or brain injury or damage through accident or injury or even if your mental capacity is declining due to age.

    An attorney can then make decisions which will directly affect you, such as:

    • Where you live
    • Managing your finances
    • Healthcare & Welfare services to receive
    • Arranging the sale of your home and property

    There are two kinds of LPA, which are made separately:

    Property and financial affairs LPAs

    Property and financial affairs LPAs let you appoint someone to make decisions including helping you with finances, managing your taxes and buying and selling assets. These attorneys can help you at your discretion while you still have capacity and carry on if you lose capacity.

    Health and welfare LPAs

    Health and welfare LPAs can only be enforced if you lose the capacity to make decisions for yourself. Attorneys under a health and welfare LPA make decisions relating to personal healthcare, accommodation, and medical decisions.

    With an LPA, you can appoint someone who you trust to act as you would in any decision-making process. They can step in and take care of these affairs for you, and you can appoint more than one Attorney to act jointly and/or severally so there is less of a burden on them.

    Inheritance Tax Calculations and Advice

    Understanding Inheritance Tax is a complex responsibility, this is made all the more challenging by ongoing changes to UK legislation. Should you pass away it’s important to know and understand how your assets are distributed and the tax that will be paid.

    How does Inheritance Tax work?

    If the assets you leave behind equate to £325,000 or less, then there will be no inheritance tax to pay. Should they exceed this threshold however, the standard tax rate of 40% is generally applied to the amount above this limit.

    There are multiple tax relief options that can be utilised to ensure your finances go further. At Pure Wealth Management, we take pride in creating solutions to solve your financial concerns. Contact a member of the team to find out how our estate planning services can make inheritance tax work for you.

    Why use us?

    At Pure Wealth, we are holistic Financial Planners. We offer the highest level of expertise in each area of advice. This means that we can provide a joined up approach to your financial affairs. Estate planning gives an opportunity to look at all of your assets and create a plan to make them work most effectively together. We feel that you can not effectively plan for each area in isolation, we can give you peace of mind that no stone is left unturned.

    Pure Estate Planning

    1

    Friendly, personal advice for you and your family

    2

    Holistic planning, to ensure all of your assets are working together

    3

    Clear, fair fee structure for all estate planning

    4

    Ongoing review service available for all Pure Wealth clients

    5

    Secure Will storage service, to keep you wishes safe

    Testimonial

    As a non-domiciled UK individual, I had specific needs to meet on the tax side of matters. Inheritance planning was also another issue to address. Stuart took the time to thoroughly know my needs and expectations and in each step of the way he made sure to be “on the same page” with me.
    The relationship with a financial adviser is dynamic. Stuart showed to be flexible and understanding.
    His passion, knowledge, ethical demeanour puts me at ease, when asking questions or expressing an opinion.
    GD Fabiani, Italy

    Ready to talk Estate Planning?

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