The surprising benefits of choosing a “living legacy” for your loved ones

Leaving wealth behind for your loved ones may be a priority when developing your financial plan. After all, you’ll likely want to see your family thrive and an inheritance could help them achieve important goals in life.

Traditionally, you would transfer wealth to your loved ones when you passed away, leaving instructions in your will about how your family should divide your estate.

However, in recent years, more people have chosen to instead leave a “living legacy” – passing wealth to their loved ones while they’re still alive.

This informative guide explains why a living legacy could help you:

·       Encourage your beneficiaries to think about their long-term finances

·       Lend a helping hand to loved ones when they need it most

·       Reduce a potential Inheritance Tax bill on your estate

·       Offer valuable support around how to use the wealth.

As well as the potential benefits, this guide also considers the downsides you might need to consider, such as making estate planning more complex and balancing gifts with your own long-term financial security.

Please note: This guide is for general information only and does not constitute advice. The information is aimed at retail clients only.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

Your home may be repossessed if you do not keep up repayments on your mortgage.

We hope that you find this useful but please let us know if you have any questions or need anything further.