Lowes Inheritance Guide

LOWES INHERITANCE GUIDE

Checklist

Within this guide, we’ve given you seven things to think about when you’re thinking about passing on your wealth to the next generation.

1

Keep enough for yourself - Any decisions about estate planning should start with a comprehensive financial plan, to ensure that you will have enough money left to meet your financial objectives, especially in later life.

2

Gift or Loan? - If you’re giving money to the next generation during your lifetime, rather than passing it on through your will when you die, you should weigh up the pros and cons of gifts and loans.

3

Keep it in the family - It’s good to talk! Having honest discussions with your children about how you plan to pass on wealth is a very effective way to avoid future family disputes.

4

Trusts - These legal instruments can be a very effective way to reduce future tax bills, and pass on the money to the right people, at the right time.

5

Update your will - Having an out-of-date will is almost as bad as having no will at all. Keep your will periodically updated and make sure you tell the relevant people where they can find a copy!

6

Leaving a legacy - If you’re going to leave money to a charity in your will, make sure you get it right.

7

Life Assurance - Life assurance can play a useful role in covering a future inheritance tax bill. Speak to a Lowes Adviser first though, to work out how much life cover you need and the most suitable way to put it in place.

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