- A will is an extremely important part of financial planning; it directs how your assets will be divided upon your death.
- This is especially important if you have dependants that rely on you financially, or if you intend to leave your assets to anyone that isn’t a part of your immediate family.
- A will can also ease the amount of inheritance tax your assets will be charged for after your death.
- By using a pension fund and passing your assets down to future generations is an extremely tax efficient estate planning solution.
- Any individual can inherit a pension fund at any age, regardless of dependency and receive withdrawals, potentially tax free.
- It is also worth mentioning that any funds that remain within the pension, will not be subject to Inheritance Tax (IHT) as they are outside the beneficiary’s estate and, in addition, will continue to enjoy tax free growth.
The sources for all this research is Will Research 2016
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