Single Persons

Protecting the Estates of Single Persons

Protect your wealth

Generally, relatively few people receive adequate advice on the protection and inter-generational tax planning of their estate, be it pensions, Death in Service (DIS) benefits, life cover, property assets, savings and investments or lifetime inter-generational transfers, it is up to you to rectify this with your own clients and make sure they are as prepared and informed as possible.

Integrated financial planning and effective legal planning are essential in delivering the desired outcomes for single clients. The use of lifetime and deathtime Trust frameworks is a popular, reliable solution but many clients are rarely advised by legal service providers and others are led to believe they are overly complex, which need not be the case.

Many single people do not even have a Will at all and do not fully understand what difficulties can be created at probate and that their assets may not be directed where they would like them to go under intestacy rules.

Those clients that do have Wills, have simple Wills that direct assets “absolutely” to their chosen Beneficiaries which is effective for directing wealth but inefficient in protecting it.

If your single clients are parents or have family members who they wish to benefit from the wealth they have created during their lifetime, you should consider any possible future outcomes that may befall their chosen Beneficiaries or any concerns that exist now or may emerge in the future, for example:

If they are not currently in a relationship, will their inheritance potentially be at risk from a future partner?
If, they are not good with money will the inheritance be used wisely?
Is there a controlling partner?
Is there a blended family relationship where a risk exists of the wealth not passing to chosen family members in future years?
Are any Beneficiaries wealthy enough in their own right such that the inheritance might create a future IHT issue for them and ultimately their children?

If you look beyond the inheritance to the Beneficiary, you will appreciate the potential threats that may occur in the future and should act now to address any concerns which may exist.