Recent news has indicated a huge increase in the amount of inheritance being passed on to younger generations. It is estimated that £1 trillion is set to be passed on through inheritance in the next decade.
Our MD Paul Dodsworth, TEP commented “That’s all great but without fairly straightforward planning inheritances can be lost to sideways disinheritance, as in Linda Bellingham’s family recently where almost everything went to her new husband, to probate and legal fees, to divorce, creditors, Inheritance Tax or even care fees. Ensuring your wealth is protected and goes to the right people at the right time is simple and cost effective but unfortunately most people do not seek out the right advice”.
The increase is due to ever increasing wealth and mortality rates, leading to a rise from the current £69 billion a year to a whopping £115 billion a year in the next ten years, representing a 66% increase in wealth being passed on through families.
Research has also shown that most people have the same wishes; to ensure their wealth is protected in the long term. The same research shows that most people have not planned to ensure that they have the level of certainty that their wishes will be followed when it comes down to the ultimate destination of their wealth.
Paul also commented “As families become more diverse and fractured the challenge of passing on our wealth to our loved ones becomes more difficult. However, proper estate planning using relatively simple and very cost-effective planning is pretty easy.
We’re so confident in the benefits of the planning we do that we offer a free, no obligation 90-minute estate planning consultation that could save your family tens or even hundreds of thousands of pounds”.
If you would like more information about how you can protect and preserve your wealth please contact us at 01625 540033, if you want to visit us on Facebook click here or fill in our free consultation form here.