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What is legacy planning?

Having a will and testament in place ensures your wealth goes to who you want it to go to. Legacy planning focuses more on asset management, defining how assets are passed on, and to whom.
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What is an estate?

When we die, our wealth and possessions, known as our ‘estate’, pass onto our next of kin or whoever is specified in our will. Estate planning is vital for everyone – without it you won’t be able to pass on the full value of your estate to loved ones and some of it will go to the tax man instead. If you own a business or assets that require ongoing management, legacy planning is more complex than passing on wealth. Instead, it requires a plan for managing your entire wealth, while you are alive and after you have passed.

Is there a difference between estate and legacy planning?

Estate planning manages wealth that can be passed on. Legacy planning requires ongoing asset management, both while you are alive and after you pass.

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How does legacy planning work?

If you want to leave a legacy behind that lives on, you need to ensure you have financial security in the here and now. Unividual will take the time to map out the best strategy for your asset management planning, so that you are able to pass your assets onto future generations. Legacy planning is technical and complex, but our advisers strive to make it palatable so you have the knowledge to make sound decisions. Together, we will ensure your assets give you a comfortable lifestyle but also continue to prosper after you have passed away.

Get the family involved in legacy planning

Unlike passing on an inheritance, a legacy requires some sort of management after you have gone. At Unividual, our financial planners like to meet with next of kin. This ensures that when dealing with asset management planning, everyone is kept involved and understands your wishes for the future. Additionally, it gives your loved ones exposure to your financial planner so that when you are not here, they have someone they can trust and confide in regarding your estate. If and when your next of kin are ready to seek advice, they have the option to work alongside your financial planner or to choose from one of Unividual’s other advisers.

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Tax treatment varies according to individual circumstances and is subject to change. The Financial Conduct Authority does not regulate taxation advice, trusts or will writing

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