Independent Wealth Management

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Life Assurance in Trust

When you take out a Life Assurance policy, you will usually have the option of placing it into a Trust.  This is often overlooked by policy holders and unfortunately sometimes by advisers.

When a Life Assurance plan is held in Trust, it can be set up so that the benefits fall outside of the person’s estate for Inheritance Tax purposes.

People often consider that their estate is not large enough for Inheritance Tax to apply.  However, the life assurance policy itself will become part of their estate on death.  Subsequently, some people are spending their hard earned cash on funding policies that will, in part, be contributing to the Government’s coffers.

If you want your life assurance to go to your intended beneficiaries you should consider placing it into Trust.  It is important to talk this through with your adviser and to ensure that this is done in the most appropriate way.  There is usually no additional cost for this service.

Please note that taxation is subject to change in the future.

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After a long career dealing with other people’s money (often major six figure sums on a daily basis) I considered myself to be pretty numerate. However, facing retirement the whole pensions jungle filled me with dread as I knew it was a task I would neither relish nor easily absorb. Having taken the decision to get some help I decided I didn’t want my bank involved nor any corporate suit.

From everything I’d read and heard it was clear that I personally needed someone who could guide me through the process, having first understood our needs and to then explain each step simply without all the uniquely incomprehensible language so often encountered in this industry.

I wanted a local Financial Adviser with a good track record and I initially used a website to draw up a shortlist of suitable candidates. Barry stood out as just the kind of bloke we could do business with and, having appointed him last year, we are delighted with his service.

It’s been quite a “journey” sorting it all out these past few months but we now feel we have fully optimised our pension options and at last really enjoy our retirement. We can therefore thoroughly recommend Barry to anyone seeking such a Financial Adviser.

Mr Peter Seabrook-Harris

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