Flexible Trusts with default beneficiaries

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Discretion over which of the default and potential beneficiaries actually benefit

These are similar to a fully Discretionary Trust, except that alongside a wide class of potential beneficiaries, there must be at least one named default beneficiary. Flexible Trusts with default beneficiaries set up in the settlor’s lifetime from 22 March 2006 onwards are treated in exactly the same way as discretionary trusts for Inheritance Tax purposes.

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Split Trusts

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Family protection policies

These Trusts are often used for family protection policies with critical illness or terminal illness benefits in addition to life cover. Split Trusts can be Bare Trusts, Discretionary Trusts, or Flexible Trusts with default beneficiaries. When using this type of Trust, the settlor/life assured carves out the right to receive any critical illness or terminal illness benefit from the outset, so there aren’t any gift with reservation issues.

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Lasting Power of Attorney

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Taking control of decisions even in the event you can’t make them yourself

A Lasting Power of Attorney (LPA) enables individuals to take control of decisions that affect them, even in the event that they can’t make those decisions for themselves. Without them, loved ones could be forced to endure a costly and lengthy process to obtain authority to act for an individual who has lost mental capacity.

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Protecting your assets for the next generation

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Six tips for wealth preservation and transfer planning

Whether you have earned your wealth, inherited it or made shrewd investments, you will want to ensure that as little of it as possible ends up in the hands of HM Revenue & Customs.

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Care in later life

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Making the difficult choice between live-in care and a care home

One of the biggest challenges of the 21st century is Britain’s ageing population. As later-life care becomes more prevalent, whether you are considering this for yourself or a relative, covering the costs involved can be significant.

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Future financial health

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Taking the time to take back control over retirement savings

With all that has been going on in the world this year, for many people it’s been really difficult to feel as though they’re in control of much. However, some people have been in the fortunate position of being able to take the opportunity to invest in both their physical and emotional health while in lockdown.

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Investing during retirement

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Why it’s important not to view your portfolio with an element of finality

Retirement is a major accomplishment for most people. You’ve worked hard all of your working life to save and prepare for your retirement, and now you’ve finally retired. So how should you approach investing now that you’re no longer earning a salary? When it comes to investing during retirement, with the right strategy, you can help make sure your retirement savings last.

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Planning to leave a family legacy?

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Impact of coronavirus (COVID-19) on Will making

We are living in extraordinary times right now, in the grip of a global coronavirus (COVID-19) pandemic. Many people are concerned to ensure that their affairs are in order and that they have made a Will, which is one of the most important legal documents you can create in life.

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Delaying retirement

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Pandemic forcing a widespread rethink of retirement plans

The coronavirus (COVID-19) pandemic crisis has thrown some of the nation’s retirement plans up in the air. As a result, a number of people over 50 and in work are set to delay their retirement (15%) by an average of three years, or keep working indefinitely (26%) as a direct result of COVID-19, according to new research[1].

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Rewritten retirement rules

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Looking to discover what you can do with your pension pot?

In 2015, the retirement rules were rewritten. The rules, which came into effect from 6 April 2015, have changed the way people take money out of their pensions, with new freedoms and options available to anyone over the age of 55.

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