Stage 3:

Estate Planning and Transfer of wealth

Having spent a lifetime of working hard to build your wealth and secure your future, it is important that your financial plan also prepares for the transfer of your wealth in a tax efficient and cost effective way which is both consistent with your wishes and prudent in its execution. Once you and your spouse/partners financial well-being is safely secured you may wish to transfer some of your hard earned wealth to your children/next of kin and/or to worthy causes that mean a lot to you. This can be carried out while you are alive and well or you may wish to do so only on death or perhaps a combination of both scenarios.

You may have a business for which you may want to put into place a succession plan that is both tax efficient and ensures a smooth transition to the new owner/s.

In respect of estate planning and asset transfer we can help you with identifying priorities and implementing appropriate solutions that are consistent with your wishes.

Some issues and questions which can arise at this stage of the financial lifecycle include the following:

  • Have you an up to date Will in place to ensure that your assets will transfer to your chosen beneficiaries and not to the state?
  • Have you considered your children’s ability to handle their inheritance? What can be put in place to reduce the risk of your children squandering an inheritance?
  • Have you considered if the use of trusts are appropriate and cost effective for the transfer of wealth?
  • Are you making any charitable contributions in the most tax effective way possible?
  • Have you an appropriate, well considered and tax efficient succession plan in place for the transfer of a family business?
  • With the dramatic increases in potential inheritance tax in recent years are there ways to reduce these penalising taxes? There is cost effective insurance available (Section 72 life cover) to pay such tax bills – Is this worth considering?
  • What happens to my retirement/pension plans on death?
  • What happens should I become incapacitated and I am unable to make considered decisions about my finances and care?

Estate planning is a vital part financial planning and it should be given the same thoughtful consideration as the other stages of the Financial Life Cycle.