We established in the Bloodline Planning section of this site that your children / grandchildren’s future inheritance can be at risk from a number of issues.
Taxation is one, but inheritances can be impacted from a number of other more emotional issues such as care costs, where an estate can be reduced significantly in value to pay for these costs.
Family homes may have to be sold, and income and investments drained seriously reducing any subsequent inheritance.
Family circumstances can also be a concern. It may be that there are some family members you would wish to benefit and some that you wouldn’t.
A classic scenario would be an individual who has married into the family but you wouldn’t want to benefit from your estate.
Furthermore, family disputes do occur and divorce and / or remarriage can greatly influence who inherits and by how much. Subsequently, if on inheriting monies, an individual then divorces that same inheritance is at risk.
Similarly, if an individual inherits assets but then is later subject to bankruptcy proceedings, or has creditor’s liabilities, then the whole inheritance could be at risk.
The correct use of trusts in conjunction with your Will can provide greater protection and control of a multitude of assets from those risks noted above. This protection can extend to the family home, to investments and Family Businesses.
Your Succession Wealth Planner will discuss this area of wealth planning with you at the appropriate time in your journey.