Helping you prepare for a tax-efficient legacy

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Estate planning advice across Edinburgh, Glasgow and Central Scotland

Many people will amass various assets throughout their lifetime, from property and personal effects through to savings. In an ideal world, these would simply be passed down to relatives and close personal friends. However, bequeathing an estate to descendants or associates creates a variety of tax implications and legal complications, which many people fail to plan for during their lifetime.

The process of estate planning is a necessary step towards ensuring that minimal taxes (or other related expenses) are deducted from a deceased person’s estate. Select Investment Managers appreciate the importance of leaving financial affairs in good order, and our highly-trained professionals will approach each unique situation with a suitable blend of delicacy and determination. Our focus is always on achieving the most tax-efficient solutions while working in the best interests of the client, such as recommending ways to minimise inheritance tax. By making use of annual exemptions, available reliefs, lifetime gifts, pensions and trusts, IHT liabilities can be minimised or even eliminated.

At its simplest, estate planning involves creating a will and appointing an executor or power of attorney, to ensure that any stipulations are met. However, estate planning can also extend into areas like creating a trust, which can reduce taxes by setting aside funds for a long-term income stream on behalf of named beneficiaries. Estate planning may even involve deciding on funeral arrangements, or naming a guardian to look after living dependants.

Will writing, funeral arranging and naming guardians are not areas we offer advice on. They are not part of the Openwork offering and are not regulated by the Financial Conduct Authority. These subjects are here for information purposes only. We recommend you seek specialist advice if this applies to you.

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Maximising an inheritance and minimising inheritance tax

It’s clear that estate planning is a complex process, as well as a potentially emotional one. This is why Select Investment Managers will always act in the best interests of each client, providing clear and honest advice about the implications of any decisions made and offering practical guidance throughout each stage of any resulting processes. We’ll dedicate time to understand each family’s personal circumstances, so that our advice takes into consideration specific expectations or concerns.

As an example, our qualified advisers will be able to explain how inheritance tax works. In essence, this is a tax on the value of a deceased person’s estate. There is currently an allowance of £325,000 per person that incurs no inheritance tax, but tax can then be charged at up to 40 per cent on any assets over and above this threshold. It’s been calculated that £4.6 billion was paid in IHT during the 2016/17 tax year, and the number of estates affected increases every year because of rising property prices and greater levels of affluence.

On top of the trauma of losing a loved one, it can be painful to see a portion of their lifetime assets being handed over to the taxman. A Select Investment Managers professional will be able to recommend inheritance tax planning solutions.

The value of investments and any income from them can fall as well as rise and you may not get back the original amount you invested.

HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.

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