The festive season is a time for giving - not just presents, but also peace of mind. Many families are thinking about how to pass on wealth in a way that benefits their children and grandchildren, both now and in the future. This year, why not consider gifting in a way that protects your loved ones and helps your family thrive?
Planning Ahead: Wills and Powers of Attorney
The pandemic highlighted the importance of having a valid Will and Power of Attorney in place at all times. Having a valid Will and Power of Attorney (LPA) is the cornerstone of good financial planning. These documents ensure that your assets are distributed according to your wishes and that your family is protected from unnecessary stress or financial hardship.
- A professionally drafted Will safeguards your estate from unexpected taxation and ensures it reaches the right people.
- A Power of Attorney allows trusted individuals to act on your behalf if you are unable to do so, protecting your interests and those of your family.
- Reviewing these documents regularly is key, especially after major life events like marriage, the birth of children or the passing of a loved one.
Gifting Wealth Now: A Thoughtful Option
Passing some wealth down during your lifetime allows you to see your family enjoy the benefits. It can also be more tax-efficient in some cases and encourages important conversations with the next generation about financial responsibility and values.
Whether it’s helping your children or grandchildren start their financial journey or supporting a family member in a meaningful way, gifting can be a powerful way to give back.
Family Linking: Growing Wealth Together
Family Linking is Quilter’s multi-family member discount. When you and your family members invest with Quilter, you will benefit from a single-tiered charging structure. This is based on the value of all products held on Quilter’s platform and the percentage charge reduces as assets grow.
For families investing together, Family Linking offers an excellent opportunity to reduce investment costs and grow wealth collaboratively.
- Up to four generations of family members can be linked.
- Investment charges are reduced as the total value of all linked products grows.
- Linked family members benefit from a simple, single-tiered charging structure.
This approach allows your family to invest efficiently while creating long-term financial security for everyone involved.
Reviewing Death Benefits and Trusts
It’s also important to ensure your death benefit nominations are up to date. Discussing who you want your assets to go to can prevent complications and ensure your wealth reaches the right people. For clients who still have inheritance tax liability, tools like a Bypass Trust can help preserve wealth for future generations. Keeping these plans updated ensures your family is protected and your wishes are followed.
Give the Gift of Peace of Mind This Festive Season
This festive season, consider giving the gift of security and clarity. Reviewing your Will, Power of Attorney, death benefit nominations and overall financial plan ensures your loved ones are cared for and your wealth is used exactly as you intend.
At Chrysalis Wealth Management, we’re here to guide you through these important decisions, helping you make thoughtful choices for your family now and into the future.
Wishing you and your loved ones a joyful festive season and a prosperous new year!
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE INHERITANCE TAX PLANNING,WILL WRITING, ESTATE PLANNING AND POWERS OF ATTORNEY.
ADVICE AND SERVICES IN RELATION TO WILLS AND WILL WRITING IS NOT PROVIDED UNDER THE AGENCY OF QUILTER FINANCIAL PLANNING, AND QUILTER FINANCIAL PLANNING ACCEPT NO RESPONSIBILITY FOR THIS ASPECT OF OUR BUSINESS.
