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For high net worth individuals, good estate planning is essential. Having the right advice and the proper measures in place will help to protect your wealth and ensure the maximum value is passed on to the right people when the time comes. Our experts in high net worth estate planning can make sure every angle is considered and the right steps are taken.
At Glanvilles, we can work closely with you and your financial advisers to plan your estate in a way that is tax-efficient and offers resilience against any future challenges or issues you or your loved ones might face. We can expertly handle all of the legal details so you can be confident your estate planning is robust and the risk of future problems is minimised.
You can contact us about estate planning for high net worth individuals and families in West Sussex and Hampshire at your local branch in Chichester, Fareham, Havant or Petworth.
Alternatively, you can fill in our online enquiry form and a member of our team will be in touch shortly.
Our estate planning for high net worth families and individuals is tailored to your specific needs. Matters with which we can assist include:
There are various reasons why high net worth individuals and families should consider estate planning.
Perhaps the most obvious is that it can allow you to reduce your estate’s liability for inheritance tax when you pass away, offering the potential to significantly increase the amount that passes to your heirs.
However, estate planning can also be used to protect specific assets (such as your family home) as well as to provide for specific individuals, including those who would be unable to provide for themselves in the event of your death.
There are various issues to consider as a high net worth individual when it comes to estate planning, including:
Yes, good estate planning can be a very effective way to minimise inheritance tax. Understanding the different tax-free allowances can be crucial when making your Will. Good use of trusts, charitable giving and lifetime gifts can also potentially reduce the amount of your estate that is liable for inheritance tax when you pass away.
There are many different types of trusts that can be used as part of your estate planning and various ways that they can be used.
A common type of trust would be a life interest trust. These tend to be used for the family home or other property where someone wants a specific person or people to inherit a property but someone else to have the right to continue living there, either for a fixed time or until their death. This type of trust is most commonly used when someone wants their children to inherit their home but for their spouse or partner to be able to continue living there for as long as they need to.
Trusts can also be used to provide ongoing support for dependants, including vulnerable dependants, by placing assets into the trust so that they or the trust income can be used to benefit a dependant.
Another way trusts can be used is to protect assets from inheritance tax, however, this must be precisely planned as the person placing the assets into the trust (the ‘settlor’) must be careful about whether they are considered to be continuing to receive any benefit from the trust assets.
If you have assets in multiple countries, it is important to understand how they would be treated in the event of your death. While it might be that those assets could be dealt with under English law, you should not assume that this is the case as it will depend on matters such as where the assets are and how they are held.
If you have assets in other countries, we strongly recommend seeking specialist advice on international inheritance law so you can be confident that you know how those assets would be treated.
When you use our high net worth estate planning service, we promise:
You can contact us about estate planning for high net worth individuals and families in West Sussex and Hampshire at your local branch in Chichester, Fareham, Havant or Petworth.
Alternatively, you can fill in our online enquiry form and a member of our team will be in touch shortly.
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