How estate management can protect Chester families’ wealth

Estate management aims to make the process of passing on your wealth and assets as smooth as possible after you die.

Many young professionals are attracted to Chester because of its history, culture, vibrant economy, good schools and large selection of quality built homes. Many Chester residents plan to spend the rest of their lives in the city, have successful careers or run local businesses. Although few of us like thinking about death, it’s never too soon to plan your estate so that your family can continue to prosper in the Chester area when you’re no longer around.

Avoiding disputes

Every year, there are family disputes concerning entitlement to an estate’s assets. Efficient estate management makes it easier to deal with the distribution of assets.

The importance of assets is not just about their monetary value. Assets such as the family home or jewellery have sentimental and emotional value, as they are associated with precious family memories.

It helps to talk to your family about your will before you die. This will mean that there will be no surprises when the will is read out, and this should minimise disputes.

The worst case scenario is not leaving a will and allowing the law, rather than your personal wishes, to dictate the passing on of assets.

Protecting children

A major reason for estate planning is to protect children. Ideally, there should be enough assets in the estate to pay for education, which could include private school fees as well as money to help older children while at university.

Family trusts can be set up that can mean that there is less inheritance tax to pay. Money from trusts can be gifted to children or other family members. Some people set up other trusts that pass on money to children when they reach a certain age and can use the money responsibly.

Tax planning

No one likes to pay more tax than is necessary, but a large estate will be subject to inheritance tax. Tax planning usually involves setting up trusts to which assets are transferred, resulting in the reduction value of the estate at death and less inheritance tax.

Life insurance

Life insurance should be a part of an estate management plan. Should you die before you have managed to accumulate wealth, then a good life insurance policy can remove many of the financial pressures following your death. This is especially important if you are the main salary earner in the household, or your mortgage payments are reliant on joint salaries.

You should also consider mortgage protection insurance that pays off the mortgage if you die.

Speak to an expert

Estate management can be complex, which is why it pays to consult an independent financial advisor who is an expert on estate planning. Start with a free no obligation meeting with an advisor at Endeavour Financial Planning to find out how we can help you manage your estate and protect your assets.

Life Cover (non-investment) and income protection-The plan will have no cash value at any time, and will cease at the end of the term. If premiums are not maintained, then cover will lapse

Estate Planning, Trusts and Taxation advice are not regulated by the Financial Conduct Authority.

Posted by Alan
22nd November 2017


All blogs and news on Endeavour Financial Planning are for information purposes only and are not intended to provide advice. Please seek the advice of a financial advisor before making any financial decisions.

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