Independent Financial Advice
Peace of Mind Wills specialise in estate planning through professional advice relating to the writing of your Will. There may be occasions where recommendations are provided to seek advice from a suitably qualified Independent Financial Advisor. We work in partnership with a number of Independent Financial Advisors and would be happy to introduce them to you if you require advice in the following areas. BUSINESS Amid the time-consuming, complex business of running a company, scant attention is paid to what might happen if a shareholder dies. In the interests of financial security, business stability, and continuity - particularly for private limited companies where there may only be a small number of principal shareholders - it is essential to provide a safety net following the loss of a shareholder:
Shares may go to the deceased’s family, which has no interest in the business and may prefer a cash sum. The company or other shareholders will want to retain control by buying lost shares - but may not have the resources to do so. The shares may be taken over by someone who does not share the company’s objectives - and may even be a competitor
Your Will alone can dispose of your shareholding, but must be written in conjunction with suitable shareholder protection insurance. LIFE ASSURANCE For most families, Life Assurance is an important aspect of financial planning. It provides security for partners and dependants upon death. However, on occasions, substantial amounts of life cover can contribute towards Inheritance Tax bills. Peace Of Mind Wills can help advise on the most efficient methods of protecting those dependants through trusts. TAX EFFICIENT SAVINGS & INVESTMENTS When interest rates are low, investors sticking to the safety of bank and building society deposit accounts are not making the most of their money. However, with the right savings and investment advice you can take advantage of any of the thousands of savings and investment products that aim to make your money grow and/or provide income. Certain investments may help in conjunction with your Will to offset the effects of Inheritance Tax. If you’d like to make the most of your spare income or capital, independent financial advice on how to manage your money more profitably can prove invaluable. The type of investment that suits your needs depends on a number of factors, such as the risk you are willing to take, the amount of income or growth you want, when you need your money back and the rate of tax you pay. Whether you are considering investing in individual companies, a collective investment scheme such as a Unit Trust, or Investment Trust or making the most of tax efficient investments such as through an Individual Savings Account, it pays to get savings and investment advice from an IFA. LONG TERM CARE PLANNING For those who are concerned that the value of their assets will be significantly reduced by the need to provide for long-term care where appropriate, it is possible to make preemptive arrangements via long-term care policies. Such policies are funded either by a lump sum or a regular premium giving the opportunity of making suitable arrangements now, rather than being forced into an immediate care situation, involving the sale of assets for investment. Long Term Care is very much an emerging field and again fuelled by rising house prices, many will not get the benefits they anticipate from the State System. The need for long-term care cost planning gives the need to take suitable advice.