Preserving your estate


Estate Planning requires long-term thinking. Inheritance has been around for as long as humans have had something of value to pass along. These assets have been the backbone of unspoken contracts between generations and were usually family possessions rather than money. However, as personal invested assets and property values have increased they have proved to be irresistible to the tax man.

Passing on assets requires wisdom and careful thought. Questions such as ‘should I pass on assets now’; ‘should there be strings attached’; ‘is it right to control beyond the grave’; ‘ in what proportions should assets be given’; ‘should I pass it on outright or in stages or into trust’; ‘what happens to my business assets’.

Discussing legacy is not always an easy conversation to have and we have found that family conferences are effective means of promoting harmony, sharing the estate distribution plans and processes, and are tremendous tools for discussing the most important things that need to be developed in the succeeding generations.

Once you have reached £325,000 in value per person, be it in cash, investments or property you will potentially be liable for Inheritance tax. There are various ways to legitimately reduce this bill rather than pay it to the government. Mainstay will enable a straightforward look at your circumstances and advise on your best way forward.

It is the role of Mainstay in providing an Estate Planning service to act as adviser to you or mediator at family conferences where requested to be in attendance. What comes out of the process is a decision about what action steps should be taken, steps such as wills, trusts, gifting plans and so on.

The Financial Conduct Authority does not regulate will writing, taxation and trust advice.