Does your estate planning pass the test?

Check if your estate is protected from the tax man.

At Tony Dicker we can help people in the Bristol area with inheritance tax planning and estate planning. Here are some useful pointers...

It is never too early to plan your estate. If it is large, it could be exposed to inheritance tax at 40%, and if it is small, advance planning can help you ensure that your assets will go to your chosen beneficiaries.

Making a Will

Estate planning begins with the following decisions:

Who will inherit your assets?
When should the recipients receive them?
What limitations will be placed on the recipients?

A Will should also stipulate who is to be your minor child(ren)'s guardian. Although making a Will makes your decision legally binding, the Will can be amended any time you change your mind.

Where should you begin?

Start by completing the following survey. Every 'no' answer indicates an area where estate planning issues should be addressed.

Will survey	Yes	No
Have you made a Will?
Has your Will been safely lodged so that others can access it after your death?
Does your Will name a guardian for your children if both you and your partner die while they are still in their minority?
Have you considered how to fund the inheritance tax liability?
If you die suddenly, will your executors be able to locate all your records easily?
Do you have medium-term and long-term financial objectives?
Do you know the present value of your estate?
Are you comfortable with the executor(s) and trustees you have selected?
Have you arranged your affairs to take advantage of the NIL rate band and the inheritance tax exemptions?
Are you sure you have the right type and amount of life assurance?
Have you considered a trust to prevent assurance proceeds from being taxed as part of your estate?
Have you considered making gifts to family members that take advantage of the inheritance tax and capital gains tax exemptions and reliefs?
Are you sure your estate plan is up-to-date and takes into account all your personal wishes and all your potential tax saving strategies?
Have you considered how inheritance tax will affect your business?
Do you know what will happen to your business if you die?
Do you know that business assets can be given away without your having to pay capital gains tax?
Do you know how to give away business assets free of inheritance tax?
Have you considered the use of trusts in estate planning?
Do you know the intentions of relatives with substantial estates?

SEEK OUR ADVICE FOR EVERY 'NO' ANSWER

If you are in the Bristol area and would like advice on inheritance tax planning and estate planning, please contact Tony Dicker today. We will be delighted to assist you.

The latest news

16 Aug 2018

SMEs 'confident in regard to growth prospects', survey finds

A survey carried out by Wesleyan Bank has suggested that UK small and medium-sized enterprises (SMEs) are confident about their future growth prospects.

15 Aug 2018

Research finds over £2 billion stolen via credit card fraud in last year

Research carried out by comparison website comparethemarket.com has revealed that more than £2 billion has been stolen from individuals' debit and credit card accounts in the last year.

14 Aug 2018

Almost two-thirds of over-50s will 'retire later than expected', survey suggests

A survey carried out by insurance firm Aviva has found that 63% of over-50s in work are planning to retire later than they previously intended.

Accessibility links