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Financial Planning

When you die, your assets are given to those that you nominate in your will (if you have one) and trust documents. You should review such documents regularly to ensure that your wealth will be distributed in a way that accords with your wishes.

Many clients seek to arrange their affairs as to minimise the tax the estate will have to pay. Most people have not created a distinct trust fund for their children as they feel they cannot give away any spare resources that they might need for themselves. However, most of us have pension schemes and life assurance policies that should nominate loved ones without reference to the will.

Most of us need to set aside a proportion of our earnings so that we can enjoy a comfortable lifestyle when work ceases. Some thoughts to consider:

• How much of this nest egg should be sheltered within a traditional pension fund?
• Are there other investments that are as good or even better at reducing the tax paid on income and growth?
• Have pension schemes become too complicated and restrictive?
• Are you using the correct pension vehicle?
• Is it ever too late to save for retirement?
• What options are there when you reach retirement?
• How much is enough?

If you would like to discuss your financial planning or your will please contact us.