It’s often the last thing that anyone wants to think about, but securing your family and loved ones’ financial future by making a Will and putting in place long term planning to do what you can in order to deal with any Inheritance Tax liabilities in the most efficient way will help to ensure that the people you care about most are protected as best as possible, regardless of the circumstances.
Sounds daunting and costly? It needn’t be. Our trusted business partners are here to help change uncertainty into certainty and provide peace of mind, and are able to guide you through the process to ensure that all of your property and wealth planning requirements are taken care of, professionally and sensitively.
MAKING A WILL
There are many good reasons to make a Will; documenting your wishes formally is the only way to ensure that your savings and possessions (your estate) are distributed in the way you wish to the people and causes you care about.
POWERS OF ATTORNEY
Should you lose mental capacity, for example through illness or an accident, no family member has the legal right to make decisions on your behalf unless you have made a Lasting Power of Attorney.
Many people assume that only those with significant wealth can benefit from setting up a Trust, but that’s certainly not the case. For many, a Trust is a cost effective and legal way of protecting assets against the potential expense of care in later life.
INHERITANCE TAX PLANNING
Inheritance tax could cost your loved ones many thousands in the event of your death. Yet with efficient tax planning in place it’s possible to legally reduce the amount of inheritance tax they will pay, if not avoid it altogether.
A happier workforce
Financial worries are a common concern for many Brits. *Research conducted in 2019 before the pandemic became prevalent revealed that 77 per cent had money worries that impacted them at work. A third admitted their fears affected their sleep. One in five employees said they worried about their finances regularly.
In the survey of 5000 employees, 34 per cent said they would be unprepared for unexpected financial costs or a loss of income. **In a separate survey, almost 30 per cent confessed to regularly running out of money before pay day. One in seven people would struggle to pay their mortgage if it was just £99 more per month.
Yet with access to the right information, it is possible for employees to improve how they manage their money, resulting in less anxiety and more productivity at work.
MB Associates is offering free financial workshops to improve the wellbeing of employees and enhance employers’ benefits packages. Our informative, friendly workshops will offer fee-free mortgage and financial advice to your staff to help them save money and gain greater control over their finances.
For more information, please contact Monica Bradley at MB Associates on 020 8652 5240 or email firstname.lastname@example.org
*Close Brothers Financial Wellbeing Index
**Financial Times survey
For insurance business we offer products from a choice of insurers.
You may have to pay an early repayment charge to your existing lender if you remortgage.
There is no guarantee that it will be possible to arrange continuous letting of the property, nor that rental income will be sufficient to meet the cost of the mortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.
A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £495.