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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.

A guide to inheritance planning and tax Insights

Discussing inheritance is often met with hesitation, yet it’s a crucial conversation for ensuring peace of mind for both yourself and your loved ones. In this podcast we demystify the process of organising your wealth for inheritance. With an expert approach to what many find a challenging topic, Greg offers invaluable insights, including essential information on inheritance tax. This guidance aims to alleviate the stress and complexity associated with planning for the future, making it an easier journey for everyone involved.

Financial advice has freed up more time for family

Managing finances effectively, despite being financially savvy, can become a daunting task amidst the demands of a bustling career and family life. Jeremy and Laura are a couple from Bristol and they reveal their experience of engaging with a financial adviser during a global recession, highlighting how this decision allowed them to devote more time to their family. The support of a financial adviser not only alleviated their financial management burdens but also provided them with peace of mind during uncertain times.

“During our time working with Unividual the team have provided us with the peace of mind of knowing that should anything happen to me or my wife then our family is protected. I like to think I am pretty clued up when it comes to investments but with a busy job and a young family it’s not always easy to find the time to do the research required. Unividual have taken over the management of our personal pensions and the savings for our children. This not only frees up our time but given our adviser’s technical knowledge it means we are in safe hands.  Following a recent annual review we have been very pleased with the results, particularly given the global events of the past 18 months.”

Why not involve the family in legacy planning?

Unlike passing on an inheritance, a legacy requires some sort of management after you have gone. In the midst of the largest intergenerational wealth transfer in history, leaving behind a legacy involves more than just passing on assets, it requires careful management and foresight. At Unividual, our financial planners prioritise establishing connections with the next of kin, ensuring that everyone involved in the asset management planning process is aligned and understands your future intentions. This approach not only keeps your loved ones informed but also introduces them to your financial planner, providing them with a trusted confidante and adviser to turn to in your absence. With this, one of the greatest benefits of working with Unividual is that the average age of our staff is 34 years old. This means your next generation not only have highly qualified professionals but people who can relate to them and understand their unique challenges in this new world.

As the great wealth transfer unfolds, having a financial planner who is already familiar with your family’s needs and wishes can be invaluable. Whether your next of kin choose to continue working with your current adviser or select another expert from Unividual, we’re here to offer guidance and support.

Contact us today to navigate your legacy and asset management planning with confidence.

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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

Estate Planning & Legacy Planning are not regulated by the Financial Conduct Authority

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