Wills & Trusts
Pass on your wealth to the people you love
Wills and trusts let you pass on wealth without giving too much to the taxman. They also help protect your loved ones from stress and financial worry should you die.
Wills and trusts can help you:
- Minimise your inheritance tax bill
- Plan for potential care costs
- Reduce tax on life insurance policies and inherited pensions
- Appoint a guardian to look after your children incase you and your partner die
- Choose someone to handle your finances and welfare if you can’t
Wills
We all know making a will is important but only of a third of us get round to doing it.
For contractors, putting your wishes down on paper is particularly important as your business and personal finances are closely linked. A legally valid will is the only way to guarantee your assets go to the right people. It can also help reduce your inheritance tax bill and put provisions in place to care for children and vulnerable people.
Not bothering with a will may put your family under more stress during an already difficult time.
If you already have a will, make time to update it as your circumstances change.
Contact us for more information.
Trusts
Failing to plan, divorce and paying off debts can eat away at the pot of cash you have to pass on.
Specialist trusts help you give money to the right people at the right time. For example:
Setting aside money in a trust for your children who will get access to it when they turn 18.
Transferring your business assets into a trust so your family can benefit in the most tax-efficient way.
This is a complex area of tax planning so it is important to advice from the experts before making a decision.
Need a hand?
We have partnered with financial advisers who have years of experience drawing up wills and trusts for contractors. They can also help with:
- Appointing guardians for your children
- Inheritance tax planning
- Power of attorney for family and businesses
- Advice on care fees for the elderly and how to minimise costs
- Choose someone to handle your finances and welfare if you can’t
