When someone has died without leaving a valid Will, they are said to have died intestate. The rules of intestacy determine who administers and benefits from the deceased’s estate.

These rules are enforced by the Crown who ultimately could benefit without the presence of a valid Will. It is vital that you have a will and ensure I is kept up to date with any major changes in your life.

Trusts

Comprehensive trust planning can help reduce tax, prevent loss to an estate and of course ensure that generations can benefit from family wealth. A trust is legal entity or arrangement whereby a person (trustee) holds property as a nominal owner for the good or benefit of one or more beneficiaries. Trust planning can be set up during your lifetime or upon death. Trusts can help to avoid the need for probate, preserve wealth for generations and of course save tax. At Romilly Financial we have experts in trust planning who are on hand to assist you in looking to the future. We are affiliate members of STEP (society of trusts and estate planning) and work closely with legal professionals in preserving your wealth.

Estate Planning

Planning ahead to mitigate inheritance tax and simplify your estate is the ultimate financial strategy. Long term care costs and your later life expenses have serious financial implications and can eat into large portions of your hard earned family wealth. With careful planning you can protect against any predatory taxes or charges which can affect your income and generational inheritance. This can help bolster your later life retirement and ensure you pass on any wealth that you feel should be passed down. These taxes and charges are often thought of the last insult to a working wealth and can be reduced or even extinguished altogether. Methods such as trust planning, gifting strategy and simple life protection are used to achieve your planning needs.  

Some of the products available in the market can be confusing and complex. Incorrect planning can sometimes defeat the object and result in more rather than less tax. Making sure you employ the right advisers with the correct knowledge is key to successful estate planning.

Contact us to discuss any estate, trust or planning protection needs.