!e future can’t be predicted,
but it can be protected
G U I D E T O
02 | GUIDE TO INHERITANCE TAX PLANNINGW E L C O M E
!e future can’t be predicted, but it can be protected
W elcome to this Guide to Inheritance Tax Planning. You no doubt
want your loved ones to inherit as much of your wealth as possible
when you die. Estate planning is about more than just tax. It is
about making sure the people le! behind are "nancially supported, that your
assets are protected and that the tax your estate pays is fair
#e coronavirus (COVID-19) pandemic has served as a reminder of the
importance of planning for the future and having our a$airs in order. When
you’ve worked hard and invested carefully to build your wealth, you want to look
a!er it. #at’s why it’s important to plan for your wealth preservation and the
eventual transfer of that wealth.
Have you considered this question: ‘What will happen to my estate once I’ve
gone?’ Wealth preservation and wealth transfer are becoming an increasingly
important issue for many families today. Individuals with assets of any size should
seek professional "nancial advice to consider what action may need to be taken
before it’s too late.
#e reality is, most of us should prepare for the eventual transfer of our assets,
regardless of any tax or legal consequences. It is natural that many of us want to
leave our wealth to those who matter the most. Having a well-managed estate can
save time and legal costs in the long term, help avoid a large Inheritance Tax bill,
and cushion the blow for those you leave behind.
It’s important to start with a clear picture of your goals. You may want your estate
to provide ongoing income and security for dependents, to make bequests or to set
up Trusts. Everyone’s circumstances are di$erent – planning can look at tax-e%ciency
and maintaining access to income and capital.
It can also include protection from irresponsible bene"ciaries, or to provide for
vulnerable or minor bene"ciaries. W