Planning ahead for you and your family

Preparing for the time when you will no longer be around or when you are unable to make decisions for yourself is something we all find difficult. However, it is essential to discuss or document your wishes, especially if you have children, dependants, investments and assets.

There are a number of ways you can plan ahead, protect your investments and reduce the amount of tax your family or beneficiaries will pay if they inherit from you. Two of the most important are wills or trusts and Power of Attorney.

Willa and trusts

With a professionally written will or trust you can decide who will benefit from your assets, investments, property or wealth when you die.

A will allows you to express your wishes after death, such as who will receive the home, money and possessions you leave behind. It will also allow you to record funeral requests or guardianship rights for your children.

A trust is a way of passing down your wealth to other people in a tax efficient way. In many cases a trust will hold the funds from your estate and the beneficiary will be exempt from inheritance tax. However, this will depend on the investment or trust you choose and you should ask for professional advice to confirm this is the case.

Power of Attorney

Power of Attorney, which is also referred to as Lasting Power of Attorney, gives you the opportunity to nominate someone you trust to make decisions on your behalf if you’re no longer able to. Power of Attorney is usually categorised in two ways:

  1. For financial decisions
  2. Health, wellbeing and care decisions

Also known as ‘living wills’, Power of Attorneys are often associated with and organised alongside a will or trust when you decide who will receive payments or assets from your estate. However, you can establish Power of Attorney independently from your will or trust. These documents need to be registered with the Office of the Public Guardian before they can be recognised by a UK court and used by the nominated attorneys. Our partners can assist with this process as well as the initial drafting of the Power of Attorneys.

How Private Wealth Mortgages can help

We advise anyone who owns a property, has savings or a pension, or other high-value assets to set up a will or trust as well as Power of Attorney, regardless of their age. We work with trusted, experienced solicitors who can present you with the best options for your own personal circumstances in order to protect and pass on your wealth in the future.

Call us on 01403 270006 to discuss setting up a will, trust or Power of Attorney

Next Steps

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Private Wealth Mortgages Ltd is authorised and regulated by the Financial Conduct Authority. FCA Number: 445980

Private Wealth Mortgages Ltd, Hillreed House, 54 Queen St, Horsham, West Sussex, RH13 5AD

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