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•  AffinityFinance  •  Independent Financial Advisors  •  PO Box 2096, Worthing, West Sussex BN12 9AS  •






Personal Finance Society

New Phone Number:

Please note our new phone number is 0330 999 0393. This is a local call rate number that you you use anywhere in the UK, at anytime of day, and from any type of phone which will always be connected at your lowest call charge rate!

Inheritance Planning

We tend to focus on the active elements of our Financial Planning such as our Savings, Investments, and Pension Plans. This is of course quite natural because we exist in the living world. Unfortunately though, this won’t last forever, and so we should also pay attention to what happens after we’ve gone.

Welcome in advance to the afterworld of Financial Planning, otherwise known as Succession or Inheritance Planning!

Personal Wills

The first and simplest step of Inheritance Planning is to make a Will. More formally known as ‘The Last Will & Testament’, this is simply a written document which says who should inherit your Personal Estate and how this should be allocated.

There are at least two very good reasons for making a Will:

A properly written Will enable you to decide how and to whom your Personal Belongings and Assets are to be          dispersed. The alternative is to leave it to chance under the control of the Laws of Intestacy.

A family death is disturbing enough itself without further anxiety of knowing what to do about your funeral, belongings, and assets. Now is the time to tell everyone else what should happen when the time comes.

Writing a Will takes little more than an hour usually, and costs just £110. Consider this in comparison to the value of the benefits it provides.

Please feel free to ask for our help in this regard.

Family Trusts

Whereas a Will only comes into effect at the time of death, a Trust can take effect immediately, and can endure for 80 Years.

Furthermore, unlike a Will the Assets held In-Trust are actually outside of one’s Personal Estate.This means that the Probate requirement does not apply Assets In-Trust, and that such Assets are not counted as part of the Estate Value for Inheritance Tax assessment.

Whilst there some further qualifying details, this essentially means that Family Trusts are a very powerful Inheritance Planning tool.

Typically, Family Trusts are used to control the beneficial arrangements of Life Assurance Policies, Pension Plans, and Investment Assets. Almost anything can be placed In-Trust, but this usually consists of Monetary Assets and sometimes Physical Property excluding ones’s Main Residence.

There is no minimum or maximum value applying to Assets In-Trust, although there are both cost effective and taxation allowance implications to consider. More often than not, the Beneficial Value of a Trust far outweighs the relatively small establishment costs.

We would be happy to talk to you in more detail about Family Trusts.

Powers of Attorney

Lasting Powers of Attorney were created by the Mental Capacity Act which provides a statutory framework to deal with situations where an adult lacks capacity to make decisions for themselves.

A Lasting Power of Attorney is a way of giving someone you trust the legal authority to make decisions on your behalf if you lack mental capacity at some time in the future or no longer wish to make decisions for yourself.

As such they are both far reaching and very tactile. Used correctly, a Lasting Power of Attorney has a highly valuable place within Inheritance Planning.

As with Wills & Trusts, they are simply a Legal Document which can be effected immediately, and at a moderate cost of just £220.

Please ask us if you would like our further help in this regard.