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Your step-by-step for passing on property wealth

We all want to leave our best for the next generation. Whether you have a property portfolio, are considering putting future inheritance in property, or just own a home and want to ensure it stays protected, see our golden rules for passing on that wealth efficiently…

Each situation is different, and you’ll need to seek out legal financial advice for your specific next steps, and ensure you are aware of the tax implications of leaving your property to your family.

Before you choose your financial adviser, take a look at our checklist below, compiled to help you choose the best person to assist you, and so you know the sort of questions you need to ask…

1.     Make a list of all your wealth, including property you own, financial investments, pensions, life cover, cash deposits and other such as Premium Bonds.

2.     If you have a will, secure a copy and check when it was last updated and if your circumstances have changed since then.

3.     Work out your financial objectives; for example, do you want income in later life? Capital lump sums? What level of risk do you wish to take? Can you afford to lose access and gift assets?

4.     Source three potential independent financial advisers to speak with.

5.     Compare the service each independent financial adviser offers, including personal visits and how transparent their investments are. 

6.     Ensure you have an financial adviser who provides independent advice, understands all types of assets and how they behave on life and death.

7.     Ensure your chosen financial adviser completes a detailed financial audit of your affairs.

8.     Make sure your financial adviser is not simply going to carry out an instruction you give but advise on and discuss all issues including the difficult ones with you. Go through the wealth manager’s proposals in detail and make sure you are happy with their recommendations, discuss what changes you would like and items you are nervous about.

9.     Check the financial adviser will instruct a suitably qualified trust and estate planning solicitor to create and keep your will up to date as your wealth or circumstances change.

10.  If you have property assets, make sure your finances and wealth are in order so your children and family receive as much of your wealth as possible, more so understanding the way in which your property ownership is structured.

11.  If you own property, ensure you keep a check on the estimated value; this will help with assessing capital gains tax and inheritance tax. This will assist in creating better documents such as a will and ideas on how the assets should be managed.

12.  Understand who will receive your wealth and how much of your wealth you would like to go to them, at what age and their relationship to you.

13.  Understand what lifetime gifts you can make to reduce the value of your estate for inheritance tax purposes and the potential consequences of making gifts. 

If you would like to secure more of your wealth in property or build a portfolio to pass on to the next generation, get in touch and we can guide you towards the best investments with long lasting results locally.