It isn’t always an easy conversation to have, but financial planning for the future can save you and your loved ones a lot of worry and, most importantly, protect your assets.
Whether you are wondering how best to plan for inheritance tax, what to stipulate in your will, how you should access your pension money, or what to do with your savings to maximise interest, a good financial advisor will be able to talk you through these sometimes overwhelming decisions and make a plan for you.
Why procrastinate today when you can make tomorrow that bit easier? Start planning for your happy retirement and your loved ones’ future today!
Inheritance Tax Planning
Inheritance tax is a tax on the estate (that is the property, money, and possessions) of someone who has died. In the UK, any wealth over the threshold of £350,000 will be subject to a tax of 40% following the death of the owner. This can be a big hit for families inheriting the estate.
However, there are measures that can be put in place to alleviate the financial strain this tax can have on families. For instance, there is usually no inheritance tax to pay if you leave everything above the £350,000 threshold to your spouse or civil partner.
You can also give away money to your family, but this money will still be counted as part of your estate for the next seven years. So, if you want to gift your money to avoid inheritance tax, plan ahead, as you have to live for at least another seven years to avoid the tax.
If you want to ensure that your estate is passed onto your beneficiaries in the most tax-efficient way, you can seek financial advice on the best way forward.
Will Writing Services
While it can be a difficult topic to broach with your family, it is important that you have a well-written and legally binding will that expresses your wishes and protects you and your beneficiaries’ interests.
The time after the passing of a family member can be a whirlwind of emotions, and stress levels are heightened. Having a clearly-written will can prevent discord and dispute among your loved ones following your death, regarding where your assets go, or what your wishes were.
Having access to a professional, affordable will writing service is essential for your peace of mind, as well as for responsible financial planning. With will writing & financial advisors, you can relax in the good faith that your will has been written with the best possible outcome for your loved ones in mind. During this difficult time, we want those we leave behind to be united, and confident in their assurance that they are following your wishes.
Pension Schemes
When planning for your retirement, it can be easy to get overwhelmed at the thought of financially supporting yourself once you have stopped working. If you need support in understanding the different kinds of pension plans in the UK, it is recommended to speak to a financial advisor.
A pension advisor can assist you in choosing the best retirement plan for your needs, whether that be a guaranteed income for life (known as an annuity), an income for a fixed-term (or fixed-term annuity), or flexible access to your money (a draw-down plan).
ISA Savings Accounts
A simple but effective way to make the most of your savings is to open an ISA savings account. ISA stands for “individual savings account”. These bank accounts offer tax-free interest on your savings, so you can make money on your money.
There are different types of ISA accounts. It is worth seeking advice on the best type of ISA account for you, based on your personal situation. You can open a cash ISA, stocks and shares ISA, innovative finance ISA, a lifetime ISA, or multiple accounts.
There are limits to how much money you can put in an ISA savings account, but you can share your money between various ISA accounts.
Plan Now, Be Ready Later
Taking these steps now to make your retirement and wealth management more straightforward will significantly ease the strain on you and your loved ones further down the line.
It can be overwhelming to think about the future, the loss of a loved one, or the depletion of generational wealth. With the professional and sensitive help of a financial advisor, the process of planning for the future can be made much simpler. What a relief it is to know you can address your money concerns with highly-trained and experienced professionals.