After the sale or other exit

Wills

It is very important to have in place an up to date will at all times, but particularly after a significant liquidity event. A well drafted will is crucial to:

- Make sure you estate passes as you wish. The statutory 'intestacy' rules can produce unexpected and undesired results (such as children inheriting one half of the residue of the estate outright at the age of 18)

- Secure adequate provision for spouses or partners, children and grandchildren, including where there are second marriages, step-children and unmarried families

- Make the most of inheritance tax exemptions and reliefs available in an efficient manner. Frequently these reliefs are "wasted" unless they have been properly considered in advance, resulting in an ultimate tax bill which is higher than necessary

- Protect capital for future generations

Inheritance tax

Unless exemptions are used, inheritance tax will be levied at 40% on your estate on death above your nil-rate band (currently £325,000).

Estate planning (through trusts, lifetime giving and other structures) may help to reduce this charge whilst often allowing you to retain control of your assets.

Lasting Powers of Attorney

A Lasting Power of Attorney ensures that a trusted attorney can take care of your financial affairs and/or personal welfare in the event that you become incapacitated (mentally or physically).

Without a Lasting Power of Attorney, if you should lose mental capacity, your assets can become frozen with a lengthy and costly court process necessary for your loved ones to obtain access to assets.

Investment taxation

The choice of a particular investment will always be underpinned by good investment advice. However, reinvestment into certain types of tax favoured investments can have the effect of deferring capital gains tax charges and affording income tax reliefs.

We regularly introduce clients to recommended independent financial advisers who are experienced in developing post-sale strategies.