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How You Can Protect Your Family’s Future Financial Security

You have worked hard throughout your life, building your wealth. Along with many people, the Covid-19 pandemic will have focused your mind on your mortality and made you all the more anxious to ensure that your financial affairs are in order and that your assets will pass to your loved ones on your death.

However, unless you take some key steps and plan ahead, it is possible that a good chunk of your assets could go to HMRC on your death, rather than to your family.

In 2019/20, £5.2 billion was paid in Inheritance Tax (IHT). The expectation is that figure will increase each year as more people become liable for IHT because of increasing property values and a long period of investment growth.

The recent announcement by the chancellor that the IHT threshold is to be frozen at £325,000 for the next five years also means a likely increase in the number of estates paying IHT. It’s estimated that freezing the allowance will bring in an extra £985 million for HMRC. Expectations are that an extra 11,000 estates will be impacted each year by 2026.

So, it is important that you are aware of IHT, how much your estate is worth, and what this might mean for your heirs when you pass away.

You should then work through a series of estate planning steps to ensure that your assets will pass to those you want them to, in the most secure and tax-efficient way. Using a professional will help you to navigate around the rules, as well as ensure you avoid costly mistakes.

In this guide you will find seven things you must do now to protect your family’s future. You can click the ‘Download’ button to get a full, free copy of the guide, or read the key points below.