Estate Planning

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FAQ's

What is an estate

What does Estate Planning involve

What is the nil rate band

What is a Lasting Power of Attorney

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Helping you to make provision for future generations

Estate Planning is an essential and often complex aspect of your broader financial plan, ensuring that your assets end up with the people you want, for the reasons you choose when you die.

We will find out what is important to you and what legacy you wish to leave behind so that we can determine the most effective way to pass on your wealth to your loved ones. This often involves looking at ways we can help to reduce and manage your Inheritance Tax liability. We can work with your Solicitor, or recommend one if needed, to ensure that all aspects of your Estate Planning have been covered.

Helping you to make better-informed decisions

Many people hold back on spending and gifting money in the fear that they may run out in later life.

Estate Planning can establish how much money you will need to maintain the lifestyle you want while accounting for any unforeseen expenses, such as long-term care costs, that could potentially arise down the line. This will help to ensure that not only will you have enough money to support your own future but also allow you to leave behind the legacy you want for generations to come.

We can actively plan through retirement and inheritance issues with the expert knowledge provided by FMB and this means that we are confident that our children’s financial futures are as secure as possible.

Kath and Paddy Finn

Helping Trustees and Attorneys with their duties

Estate Planning may include advising on Trusts and helping you to appoint Trustees. We also support those acting as an Attorney once clients are no longer able to manage their own affairs.

There are certain legal obligations particular to both roles and our guidance page has a bit more information to help them understand the duties involved.

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Get in touch

If you want to start thinking about the legacy you wish to leave behind for your loved ones, get in touch with us today.

Our initial meeting is free and without obligation.

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FAQs

What is an estate?

Your estate is everything that you own that has value including property, money, other assets and personal possessions, minus any debts.

What does Estate Planning involve?

Estate Planning helps to put your affairs in order to make it easier for your loved ones when you’re no longer around. As Financial Planners, we will look at how to pass on your assets to the next generation in the most effective and tax-efficient way. This may include:

Managing and reducing your Inheritance Tax liability
Utilising available allowances including gift allowances
Setting up a life insurance policy
Putting policies in Trust
Making provisions for potential long-term care costs in the future, if applicable
Making provisions for funeral expenses

We will also use cashflow modelling to determine how much money you will need to comfortably live off and what surplus capital you can utilise.

There are other areas of Estate Planning to consider, and we will happily liaise with your Solicitor, or recommend one locally to you if required, to ensure that all aspects have been covered:

Making a Will and ensuring it is kept up to date to reflect your wishes
Setting up a Lasting Power of Attorney (LPA) should you be incapacitated in the future
Outlining your funeral wishes

What is the nil rate band?

For Inheritance Tax purposes, there is a basic tax threshold which is referred to as the nil rate band. In the 2023/24 tax year, the nil rate band is currently set at £325,000 and will remain fixed at this amount until April 2026. This means that no inheritance tax is due on the first £325,000 of an estate with 40% normally being charged on any anything above that amount. Any unused nil rate band may be transferred to a surviving spouse or civil partner to make a combined tax threshold of up to £650,000.

In 2017, the Government also introduced the residence nil rate band as an additional measure to make it easier for families to pass on the family home to direct descendants without a tax charge. The residence nil rate band is currently £175,000 and will remain fixed at this amount until April 2028. The rules are rather complicated and utilising the RNRB will depend on several factors. It is always recommended that you seek professional advice.

What is a Lasting Power of Attorney (LPA)?

A Lasting Power of Attorney (LPA) is a legal document that lets you, the donor, appoint one or more people (attorneys) to help make decisions on your behalf. An LPA gives you more control over what happens to you in the event of an accident or illness and are unable to make your own decisions.

There are two types of LPA available, and you can make an LPA for one or both areas depending on your needs:

Health And Welfare LPA

This can be used to give an attorney the authority to make decisions on things such as your daily routine, medical care and if and when you are to receive life-sustaining treatment.

This type of LPA can only be used when you are unable to make your own decisions.

Property and Financial Affairs LPA

This can be used to give an attorney the authority to make decisions about your money and property for things such as managing your money and investments, paying your bills and selling your home.

This type of LPA can be used as soon as it’s registered, with your permission. If later then you can decide the criteria for when this will be.

Please note that the Financial Conduct Authority (FCA) does not regulate Will writing, tax and trust advice and certain forms of Estate Planning.

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Kendal: 01539 725855 Cockermouth: 01900 510179

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Kendal Shenstone House, Helsington, Kendal, Cumbria, LA8 8AA. Telephone: 01539 725855 Email: info@finman.co.uk

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Cockermouth 5 Old Kings Arms Lane, Cockermouth, Cumbria, CA13 9LS. Telephone: 01900 510179 Email: info@finman.co.uk

Financial Management Bureau Limited is authorised and regulated by the Financial Conduct Authority.
Financial Management Bureau Limited is a limited company registered in England and Wales. Registered office: Shenstone House, Helsington, Kendal, Cumbria LA8 8AA. Registered number: 02089786
The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren't able to resolve themselves. To contact the Financial Ombudsman Service please visit www.financial-ombudsman.org.uk

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HELPING YOU FOR GENERATIONS TO COME

Estate Planning

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