Time to talk

As well as managing your wealth during your lifetime, it’s equally important to consider how you want it managed after you’ve gone. Talking about money can be difficult for families but sharing your plans for your wealth well before your death can prevent potential conflicts after you’ve gone.

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Making a plan

Setting your affairs in order from the start

Estate planning involves organising your financial affairs to ensure your wealth is managed, distributed and transferred according to your wishes when you die. Whether you plan to pass it on to your loved ones or you have philanthropic ambitions, considering your options and putting the right structures in place is vital to achieving a smooth and efficient transfer. Our experienced wealth planners will work with you to create your succession plan that will make the transfer of your family wealth to the generations that follow easier and less stressful. It’s never too soon to start estate planning.

Don’t forget tax

An important consideration when planning the transfer of your wealth is inheritance tax

  • Inheritance tax

    UK inheritance tax may be payable on the value of your estate when you die. Anticipating and planning for this is a key part of estate planning.

  • Managing your wealth efficiently

    UK inheritance tax is one of the most important considerations when planning to pass on your wealth to your loved ones. Although it’s not payable until you die, it’s sensible to plan well ahead. Based on an understanding of your total wealth, cashflow and goals, an experienced wealth planner can estimate your future inheritance tax liability. They can then help you organise your wealth in the most efficient way, to preserve your assets and minimise the tax due on your death

Make a will

When there’s a will, there’s a way

Do you have a will? Apparently, three out of five adults in the UK still haven’t got round to it. Making a will and setting up powers of attorney should be the first steps in your estate plan. And there are a few things you should consider:

  • Is your will up to date?

    Life can change and your will should reflect that, accounting for marriages, divorce and bereavement, and the birth of your children and grandchildren.

  • Do you have assets in different countries?

    Overseas assets may be governed by different rules and regulations that can make accessibility and wealth transfer more complex.

  • Do you have dual nationality?

    Dual nationalities can add further challenges, with different rules for passing on wealth.

Frequently asked questions

Nedbank Private Wealth

What is an estate?

Your estate is the total value of everything you own. It includes your home, your money and even your smaller more personal possessions.

What is a beneficiary?

A beneficiary is an individual or organisation that benefits or receives something from your estate.

What is inheritance tax?

Inheritance tax may be payable on the total value of your estate when you die. Estate planning allows you to plan ahead for this.

What is a trust?

A trust is a legal arrangement for managing your assets (such as, money, investments, land or buildings) for the benefit of others.

A means of managing your assets for the benefit of others

The use of certain structures – such as Trusts or Family Investment Companies – can be an effective way to pass on your wealth. In doing so, they may no longer form part of your estate. However, you still retain some influence over how your assets are managed and who benefits.

Structuring can offer tax planning benefits and help preserve more of your wealth for future generations. Trusts can be complex structures and there are various different types. Through their understanding your personal circumstances and objectives, our wealth planners can advise on whether certain structures are appropriate for you.

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Too much wealth

You can’t take it with you

Many people fear they’ll outlive their money, but as a high-net-worth individual you may run the risk of dying with too much wealth. This means you could miss out on opportunities to enjoy it more while you still can. You could have spent more, gifted more to your children or helped them onto the property ladder. You could have paid for your grandchildren’s education or supported a favourite charity. Our wealth planners can help build a picture of your cashflow throughout life and then help you develop a strategy for what you can achieve with it.

Visit our Cashflow planning page
Giving it away

Gifting money while you’re still alive has numerous benefits

Gifting money to your loved ones or to charity during your lifetime means you can enjoy seeing others benefiting from your wealth while you’re still around. It can also be a way to reduce the size of your estate for UK inheritance tax purposes. Our wealth planners can help you build a strategy for lifetime gifting that suits your needs.

Related case studies

Read about more clients we have helped

We have helped countless clients with their financial needs – some straightforward, some complex. Our bespoke approach, where we really get to know our clients, allows us to offer solutions that other wealth planners and private banks aren’t able to.

Get in touch today

Find out how we can help you. Call +44 (0)1624 645000 or email [email protected]

Find out more about our teams in the UK, Isle of Man, Jersey and Dubai here

Frequently asked questions

Nedbank Private Wealth

When do you have to pay inheritance tax?

UK inheritance tax bills should be paid within six months of the recorded date of death, to avoid interest being charged on the amount due.

How can I reduce the inheritance tax bill?

A wealth planner can advise on ways you can reduce the inheritance tax charge. These could include gifting, setting up structures or making charity donations.

What are the benefits of cashflow planning services?

Reassurance you have enough money to last your lifetime and also a realistic picture of what you can afford to do with your wealth.

What information does a cashflow plan show?

It can be used to model how the value of your current assets, income and liabilities will change over your lifetime.