Generally, relatively few married couples or those in legal spouseships receive adequate advice on the protection and inter-generational tax planning of their estate, be it pensions, Death in Service (DIS) benefits, life cover, property assets, savings and investments or lifetime inter-generational transfers.
If you look ahead, you will see the potential threats that may arise in the future and consider more robust and tax efficient planning. Many of the protection and tax issues can be addressed effectively with enhanced planning and advice using a Beneficiary Protection Plan.
Integrated financial planning and effective legal planning are essential in delivering guaranteed outcomes for the distribution and protection of your estates. If you do not have Wills, you may be unaware of the complexities and misdirection of wealth that can occur under intestacy rules.
If you, like so many couples, have simple Wills directing your estate to each other and then to your chosen Beneficiaries in equal shares you should achieve your desired distribution.
However, you may be missing an opportunity to protect the surviving spouse’s interests, you may be missing tax planning opportunities and you will not provide inter-generational benefits to your chosen Beneficiaries.
The unpredictability of life requires us to be prepared, but you ought to take action now to address the shortfalls of the most common estate planning arrangements.
On the death of the first of you, protective and tax efficient planning can be put in place, and similarly protection, flexibility and inter-generational tax planning can be delivered to the ultimate Beneficiaries of your estate when both of you have deceased.
The Seniors' Service
Here to help you navigate the challenges of later life
