J’AIME MAY/JUNE 2023

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F I N A N C E ADVERTISING FEATURE Wealth Matters A MONTHLY REVIEW OF THE WORLD OF FINANCE FROM LICHFIELD FINANCIAL ADVISER JEAN LAMB DipPFS Passing on your wealth after you die - what if things aren’t straightforward? Some of the most common questions people tend to ask are “What if I can’t decide who gets what?”, “What if my beneficiaries are too young or unable to look after the money themselves?” or “What if I have no close family?” In all such cases – and many other even more complicated scenarios – it should not prevent you from making a Will. Professional advice can help to ensure your wishes are carried out after your death and as much of your wealth as possible goes to the people who you want to benefit from it after you die. One of the first steps is to write a Will, but for many it isn’t just as simple as leaving everything to your partner or children. What if I simply can’t decide who gets what? Being unsure who to pass your wealth on to need not necessarily stop you making a Will. If you’re feeling uncertain, you could consider building a Discretionary Trust into your Will. Then what happens to your assets after you die will be decided by its Trustees - who are, of course, appointed by you. If you have Trustees you can rely on and leave a letter of wishes to express your views on the matter, they can use this as guidance as to how to distribute the funds. What if the people I want to inherit my estate are children or too young to manage the money responsibly? In this scenario, it’s common to set up a Trust for the children or young people. The Trustees would be guided by you as to how to distribute the funds on their behalf – for example, by paying for their maintenance and education. Then you can state that they will receive the full estate at a certain age – for example, 21 or 25 – depending on what you think is right for the individual. What if my beneficiaries are vulnerable in some way? If the beneficiary is disabled or has a long-term condition and will need someone to look after them after you die, you can consider a vulnerable person’s Trust. This can be very tax efficient and suitable investment can help towards the beneficiary being looked after for the rest of their life. You can also consider setting up a Trust like this during your lifetime which may have the knock-on benefit of assisting Inheritance Tax planning for your estate. What if I don’t have descendants to leave my estate to? You have complete freedom to leave your wealth to whoever you want. In cases like this, charities are a popular option, and anything you leave to charity has the bonus of passing to it free of all tax. There’s also a tax benefit if you leave at least 10% of your estate to charity. It’s a complicated formula, but, in principle, the rate of any Inheritance Tax chargeable on your estate will drop from 40% to 36%. In Summary Estate planning, Trusts and Wills do need careful consideration and require tailoring to each individual’s circumstances. I find this area usually requires input from two professions; the legal profession and my own. I deal with many Trust funds and I consider it very important that all Trusts are invested appropriately, tax efficiently and monitored regularly. This then benefits both the Trustees with their duties and, ultimately, the Beneficiaries too. The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances. Will writing involves the referral to a service that is separate and distinct to those offered by St. James’s Place. Wills and Trusts are not regulated by the Financial Conduct Authority. Jean Lamb is Principal of Jean Lamb Wealth Consultancy 6A Market Street, Lichfield, WS13 6LH - Tel: 01543 417342 Email: jean.lamb@sjpp.co.uk - Website: www.jeanlamb.co.uk Jean Lamb Wealth Consultancy is an Appointed Representative of and represents only St. James’s Place Wealth Management Plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website www.sjp.co.uk/products. The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives. SJP Approved 21/04/2023 40 www.jaimemagazine.com
UK & European Paintings THIS PRODUCTION OF ‘BAD ROADS’ IS PRESENTED BY SPECIAL ARRANGEMENT WITH NICK HERN BOOKS. Andrew Macara RBA. NEAC. ‘On the Beach, Teignmouth’ 24x30” (4 seaside paintings by Andrew bought by the House of Commons). Over 250 choice original works by favourite and important artists from c1850 to 2023 at realistic asking prices from the low hundreds to several thousands. View at the gallery or your own home to fully appreciate the lovely quality and condition, colouring and effect - but you can see about 150 images via the website. Interesting original works always wanted. Free Valuations, Cleaning & Swept Frames to Order. DRIFFOLD GALLERY FINE QUALITY & CONDITION, IMPORTANCE & VALUE, SINCE 1983. 78 Birmingham Road, Sutton Coldfield 0121 355 5433 - www.driffoldgallery.com EXCLUSIVE VIEWING BY APPOINTMENT - DAY OR EVENING Heart-breaking, powerful and bitterly comic account of life for women in wartime Ukraine. 24 - 27 MAY 2023 7.30PM, SAT MAT 2.30PM TICKETS £15 THE BLUE-ORANGE THEATRE BHAM B18 6AD BOOK NOW: Tel: 0121 212 2643 www.blueorangetheatre.co.uk www.HereToThereProductions.co.uk 93x138mm.indd 1 21/04/2023 12:04
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