Protect your family’s wealth with these top tips
If you’re determined to protect your family’s wealth in the right way, then there are various things you can do to help you achieve this.
Read below, where we’ve gathered a few top tips you can implement to protect your family’s wealth for the future.
Find a modern wealth management service
Our first top tip for protecting your family’s wealth is to find a modern wealth management service. This can provide you with expert guidance from financial professionals, who will help you take the right approach to building your family’s wealth effectively.
Your financial adviser can structure their advice around your specific situation, so you have a more focused approach that directly addresses things like your income, financial dependents, and goals for your family’s finances.
If you have any concerns with your family’s wealth, or how to build it, you can discuss this with your adviser. This can allow them to ensure their recommendations can help you overcome these obstacles, and bring both protection and financial confidence for your family’s wealth.
With a tailored approach that’s aided by an expert, you’ll have the highest chance of a successful outcome for your family’s finances.
Consider junior investment accounts
Another top tip when it comes to protecting your family’s wealth is to consider junior investment accounts.
These are specific accounts that allow you to grow savings for your children from an early age, with the aim of giving them a large sum of money to go towards various goals.
For example, this could be to go towards buying a property when they’re older, or for educational fees.
One account you could use for your family’s wealth is a Junior Individual Savings Account (JISA). A JISA enables you to invest a certain amount of money each year that’s sheltered from tax.
The maximum amount you can contribute to a JISA is established by the JISA allowance for the tax year. As of the tax year 2023/2024, the JISA allowance is £9,000.
Through these investments, you can grow your children’s finances tax-free and give them a significant sum of money to access once they turn 18.
Plan how to effectively leave an inheritance
Our last tip for protecting your family’s wealth is to leave an inheritance for your loved ones, and more importantly, do so in a way that’s best suited to your financial situation.
Leaving your inheritance means that when you pass away, you can leave your estate to those you’ve specified. This can include cash, property, investments, personal belongings, and much more.
This can help you ensure your family is supported even after you’ve passed away.
When leaving an inheritance, it’s important to be aware of how Inheritance Tax (IHT) might impact your family’s wealth.
With an adviser’s help, you can structure your inheritance to be passed down to your loved ones as tax efficiently as possible. For instance, your expert can make you aware that your estate can be exempt from IHT if it’s left to a spouse or civil partner.
Also, any value of your estate up to £325,000 – as of the current tax year – is exempt from IHT. This is increased to £500,000 if you leave your home to your children.
Consider how you might plan your inheritance effectively, so that your family can obtain your estate tax efficiently, and have the financial support they need when you’re no longer here.
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Make sure you consider these top tips for your own financial situation, to ensure you have the right approach to protecting your family’s wealth that’s most beneficial for you.
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Please note, the value of your investments can go down as well as up.
