Oysters Guide to Estate Preservation

24th May 2022

Oysters Guide to Estate Preservation - What will your legacy look like?

 

What will your legacy look like?

Welcome to our Guide to Estate Preservation. This is an important part of wealth management, no matter how much wealthyou have built up. It’s the process of making a plan for how your assets will be distributed upon your death or incapacitation.

Click for the full guide

 

This subject doesn’t only affect the very wealthy. Inheritance Tax, in particular, is becoming more of an issue for many of us due to rising house prices and complex family situations. Making provision for your loved ones is an essential part of managing your estate and assets.

 

When you have spent an entire lifetime building up your personal wealth, you’ll want the comfort of knowing that upon your death your estate will pass into the
hands of your chosen beneficiaries and not into the hands of the government.  If you do not plan properly, a significant portion of your wealth could be paid over
to the government in Inheritance Tax. With professional financial advice and the correct estate preservation planning, we can help ensure that your loved ones are provided for after you die.

 

Without a proper plan, your family could be left with nothing but debts and expenses. Estate preservation planning gives you peace of mind knowing that your affairs are in order and that your loved ones will be taken care of after you are gone, especially important for those who have a significant amount of assets.  

 

Unfortunately, some people leave this planning until it’s too late. So the sooner you start, the more provisions you can put in place during the course of your lifetime. Planning can also help you to ensure that your assets go to the people that you want them to go to. If you do not have a plan in place, your assets may be distributed according to the laws of intestacy. This could mean that your assets do not go to the people that you want them to go to. However, if you have the right plan in place, you can specify who you want your assets to go to. Have you considered what will happen to your estate when you’re gone?

 

Wealth transfer has become an important issue for many families today. The fact is, many of us should be preparing for the eventual transfer of our assets, regardless of any tax or legal consequences. The process of estate preservation becomes more important as you age, though, because there is an increased risk of something happening to you as you get older.

 

Having said that, estate preservation is actually important at all ages of life. As soon as you start to begin to build your wealth, you need to make sure you have
structured ownership correctly to reduce risk of loss. You also need to ensure you have the right insurance coverage and an incapacity plan in place in case something unexpected happens to you.

This Guide covers the following:

 

  • Planning & preserving your family's wealth
  • Strategies & solutions
  • Passing wealth to the next generation
  • Inheritance tax resistance nil-rate band
  • Lifetime transfer
  • Prioritising the power of pensions
  • Making a will
  • Leaving your legacy behind
  • Trusts
  • Extending the scope of the trust register
  • Bare trust
  • Discretionary trust
  • Flexible trusts with default beneficiaries
  • Split trusts
  • Lasting power of attorney
  • Business property relief
  • Preserving wealth for future generations


IT ALL BEGINS WITH A CONVERSATION – READY TO TALK?

 

Today’s families can be complex. That’s why we help our clients plan and structure their financial affairs so that they can pass on wealth from one
generation to the next in the most beneficial and tax-efficient way.

 

To review your current situation or to discuss the options available, please contact Oyster for further information – we look forward to hearing from you.

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