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Have you heard people you know talking about Trusts in Wills? If you own a property and/or have significant savings, you may benefit from a Trust in your Will.
What does High Net Worth Mean?
There is no set definition of High Net Worth (HNW) the value will be dependants upon context. HMRC consider an estate with a value of £10,000,000 to be High Net Worth, whilst financial advisors and estate planner may choose a lower threshold of £2,000,000 when advising clients.
How does HNW impact Estate Planning?
Having HNW can add a level of complexity to Estate Planning. We can advise on the following matters:
- Creating tax-efficient Wills
- Setting up and managing trusts
- Drafting and registering Lasting Powers of Attorney
- Providing for vulnerable loved ones
- Making gifts during your lifetime
- Incapacity planning
- Ultra-high net worth estate planning
We can also work closely with your financial advisor to ensure that your plans are implemented.
What Should I Consider?
At Glanvilles we approach all of our clients as individuals and recognise that there is no “one size fits all” option as our clients will have different priorities. Some clients value simplicity in their plans to minimise on-going costs and to make administration easy for their loved ones, others wish to remove the worry of future care costs and some wish to minimise tax liability. You should consider what matters to you and what you wish to protect for the future.
Whatever your circumstances, goals or plans for the future, our lawyers at Glanvilles Solicitors would be happy to help. We can be found in the centre of Chichester in South Street or contacted on 01243 839 337.
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute, legal advice, and should not be relied upon as advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article. All content was correct at the time of publishing. Legal advice should always be sought in relation to specific circumstances.