Helping you plan your Estate for the future…
Estate Planning is the process of assessing your assets and arranging how you’d like them to be managed and passed on, both during your lifetime and after your death.
Estate planning helps give you peace of mind that you are financially confident to live the life you want, alongside planning to pass on your assets to your loved ones. Our Estate planning will review your assets and help you to make the best possible financial decisions for your family.
Estate Planning is more than simply writing a Will…
From years of experience at 5 Talents Financial Planning, we believe that Estate Planning is goes beyond only making a Will. It gets your estate organised during your lifetime and ensures your wealth is transferred efficiently to your nearest and dearest.
Writing a Will is central to Estate Planning, but it can also include setting up a Lasting Power of Attorney, creating a trust, taking out a life assurance policy, reviewing pension plan nominations and also lifetime gifting.
Putting all of these steps in place helps to ensure that your wealth is transferred efficiently, according to your wishes, while minimizing tax, legal complications, and potential family disputes.
Estate planning can help reduce your tax position…
Everyone can undertake Estate Planning, however it is important that individuals and couples plan to meet their own financial needs first. Our Estate Planning advice will help you protect your estate for your beneficiaries, whilst also giving you an understanding of your current Inheritance Tax (IHT) position, and projected liability after you pass away. Estate Planning enables you to potentially reduce or fully mitigate your Inheritance Tax (IHT) by passing assets on to your chosen beneficiaries, such as your spouse or civil partner, children, grandchildren, friends, or even charities during your lifetime.
Estate Planning
Estate Planning is the process of considering and arranging how you’d like your assets to be managed and passed onto your family and friends.
What we offer
Our work is thorough, and we’re proud to work with a careful selection of providers who we can utilise their products to enhance your Estate Planning:
Trusts - A trust is a legal arrangement used to protect and manage assets. There are a variety of different trusts that can be set up. In a trust, assets are held and managed by one person or people (the trustees) to benefit another person or group of people (the beneficiaries). It is a very useful Estate Planning product, but they are subject to the 7-year rule. This means that if you pass away within 7 years of making a gift into a trust, your estate may have to pay some Inheritance Tax (IHT). In summary, Trusts can be a useful way to control how and when assets are passed on, reduce taxes and provide for minors or people with additional needs. As with all Estate Planning, the earlier you start planning the sooner you can start to benefit.
Whole of Life Assurance - This is a form of life insurance cover which provides financial protection for your family in the event of your death. However, unlike a policy you might take out to cover a mortgage, Whole of Life Assurance it has no expiry date, meaning you’re covered for the rest of your life! Your loved ones receive the insurance payout which can cover your funeral costs and your Inheritance Tax (IHT) bill, giving everyone greater peace of mind for the future.
Lifetime Gifting - Cash or other assets can be gifted by an individual to anyone during their lifetime. An example being a grandmother gifting her grandson £3,000 per year for 5 years during her retirement. These multiple annual gifts are classed as lifetime gifts. Each tax year, you can gift away up to £3,000 without it being added to the value of your estate, meaning the £3,000 isn’t subject to Inheritance Tax (IHT). You can make larger gifts, however they will be subject to the 7-year rule from the date of the gifting, after which there will be no Inheritance Tax (IHT) to pay.
Risk Warnings: 1) The Financial Conduct Authority does not regulate some aspects of Trust, Tax and Estate Planning. 2) The Financial Conduct Authority (FCA) does not regulate Inheritance Tax Planning or Trust Advice.We will help you keep control
It’s only normal to want to maintain control when passing on your assets – they’re yours after all. You may want your money to do be utilised for certain purposes, such as a grandchild’s university fees or house deposit or you may wish for your money to just simply stay within the family. Either way, we are here to give you clear and simple advice on how to pass on your assets as you choose.
Your Estate is in safe hands…
Richard French is the Founder of 5 Talents Financial Planning and has a level 4 Diploma for Financial Advisors (DipFA).
As an Independent Financial Adviser, Richard is vastly experienced in all Estate Planning areas and is not tied to any provider or product. This enables 5 Talents to consider all available options to advise on the best level of investment to suit your specific needs.
Request a free Estate Planning consultation
To request a free Estate Planning consultation, simply enter your name, email address, and phone number into the form and we’ll be in touch soon!
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What happens next?
I’ve requested my Free Estate Planning initial consultation,
what happens next?
We will contact you with a choice of dates and times so you can select one that works best for you. We can do your initial consultation over the phone or on a video call.
During your initial consultation, we will discuss your situation with you to develop an understanding of your requirements and objectives. It will also be a chance for you to ask any questions you might have about the services we offer at 5 Talents Financial Planning.
If you choose to progress with us, we will look to get some more in-depth information so we can design a bespoke proposal which details our advice on your available options. We’d look to do this face-to-face or via video call if you are located outside of Dorset.
Our Estate Planning service is for the long-term. We are experts on this and we’re here to help you now, tomorrow, and well into the future.
Frequently Asked Questions (FAQs) about Estate Planning
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Everything a person owns is known as their estate. This can include property, vehicles, shares and cash in the bank.
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A trust is a way of managing assets such as properties, land, money, or investments, for the benefit of someone else. There are different types of trusts and they can be taxed differently, but the main benefit of a trust is to pass on some of your estate to someone else whilst maintaining some control over the asset.
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A Will is a legal document that explains how a person wants their money, property, and possessions to be distributed after they die, whereas a trust set up in your lifetime can transfer ownership of an asset whilst you’re still alive. Wills can be more affordable than trusts as trusts can have higher upfront costs. However, trusts can provide significant long-term financial benefits as they can not only bypass probate but they can also reduce Inheritance Tax (IHT).
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An executor is a person who is legally responsible for carrying out the instructions in a deceased person's Will. This includes handling their estate, such as their money, property and possessions as well as any money owed e.g. bills or taxes.
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A beneficiary is a person that is entitled to receive something of value when someone dies. This inheritance can be money or a specific item such as a vehicle or property from the deceased’s estate, and the beneficiary can be named in a Will, Trust or Life Assurance policy.
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Estate planning considers your legacy and is essentially planning the foundation for your family’s financial future. You can do this at any age, but typically when you have own something of value you wish to pass on such as savings, investments and property. You can nominate who you wish for these assets to be passed on to in the event of your death. There’s no right or wrong age to start Estate Planning, but typically the larger your estate becomes, the sooner you should consider your planning needs.
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Yes, it can. Estate Planning can help you start to gift or move assets into an Inheritance Tax friendly environment, therefore potentially reducing your Inheritance Tax (IHT) exposure. We can advise you on how to do this legally and in a manner suitable to your circumstances.
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To value your estate, you should make a list of all the assets you own. This includes any property, vehicles, money or investments. You should then total the individual values of all your assets and take away any liabilities such as debts (e.g. a mortgage or loan). This will give you the overall value of your estate.
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