If you have specific wishes to pass on your wealth to loved ones (in a tax effective manner), planning earlier rather than later is of great value. It is also important to have someone, of your choice, who is able to make relevant financial and medical decisions for you should you be unable. This will ensure that you have control over your wealth whilst you are in the position to do so but also safeguards your wishes in other circumstances.
What to consider:
- Wills
- Enduring Power of Attorney
- Beneficiary nominations
- Testamentary Trusts