Passing on Inheritance – What Preparation is Needed

Passing on an inheritance is just something that happens. As the majority of people get older they start to think about savings, how much and what they will leave behind for friends and family members when they are gone. It is something many people are proud to do, providing for their family all the way through life.

However, recent findings have discovered that one in six people between the ages of 50 and 70 plan to spend every penny they have before they die. For any of their children who are factoring in an inheritance to help them afford later life, this is a blow. Don’t make the same problems for your family by adequately preparing to pass on inheritance.  

 

Use Financial Planning Services

The best way to ensure you will save up and have enough of an inheritance to pass on when the time comes, is to use professional financial planning services such as Tilney. They will be able to assess your current situation and draw up a good plan for saving.

Working with such experts should mean they easily tailor a plan or scheme based on your circumstances and requirements. This is ideal, as everyone has different financial and family situations, plus it avoids you missing out on spending in life by saving too much now.

 

Create a Good Will

Creating a will is essential to make passing on inheritance and anything else simple when the time comes. You need to ensure it includes all the details of what you wish to happen with all your money and assets, including how much and who they go to, in a clear manner.

This has to then be witnessed and signed to make it legally valid. Remember to keep updating it when you amass more money or assets that need including in the will, and make your family aware of what they will be receiving to help them plan for their own financial futures.   

 

Plan for Your Estate

Properties and estates can make up a large chunk of an inheritance, as they will usually be worth a lot when sold. These can be trickier to pass on, especially when ownership of a home is going to more than one person.

Ensure this is clearly included in your will, with instructions to sell it if that is what you want. This and other assets are at the risk of taxation too, so to protect the inheritance it is a good idea to ask financial advisors about the best way of reducing taxation’s impact.   


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