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Passing on your Wealth

Checklists

Checklist provided by 

www.chasedevere.co.uk

 

 
 

Ensure you are aware of the tax implications of leaving your property portfolio to your family. Before you visit a wealth manager, take a look at this checklist, compiled with Chase de Vere, to help you choose the best person to assist you, and so you know the sort of questions you need to ask.

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

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

 

Work out your financial objectives for the wealth manager; 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?

 

Source three potential wealth managers to give your financial objectives to.

 

Compare the service each wealth manager offers, including personal visits and how transparent their investments are. For example, do they reassess your investment if the ‘investors’ financial objectives change?  Do they constantly manage and monitor your investment portfolio and if so how do they do this? 

 

Ensure you have a wealth manager who provides holistic independent advice, understands all types of assets and how they behave on life and death.

Ensure your chosen wealth manager completes a detailed financial audit of your affairs.

Make sure your wealth manager 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.

Check the wealth manager 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.

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.

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.

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.

Decide if you want your assets to be protected against third party claims such as bankruptcy, divorce, local authority means testing when passing your wealth to a spouse, children or grandchildren.

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. 


All our information is brought to you by Kate Faulkner, author of
Which? Property books and one of the UK's top property experts.
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