Legacy Planning
Protecting the people you love, honouring your wishes, and leaving the world a little better than you found it. Legacy planning is not just planning what you leave behind, it is about being in control of the wealth you have grown.
Your Legacy, Your Way.
Are you thinking about what you will leave behind for your loved ones? Are you starting to think about what your legacy looks like?
Thinking about what you will leave behind is not always easy. For many people it is one of those conversations they have been meaning to have for years. Yet putting a legacy plan in place is one of the most important and empowering things you can do, not just for your family, but for your own peace of mind.
Legacy planning is about much more than writing a will. It is about understanding your estate in full, reducing potential tax liabilities, protecting your assets from unnecessary risk, and ensuring the people and causes you care about are provided for in exactly the way you intend. From inheritance tax planning and discretionary trusts to lasting power of attorney and pension inheritance, a well-structured legacy plan means your wishes are carried out by design rather than left to default.
Plan with purpose.
Tailored Support
Bespoke legacy planning shaped around your specific circumstances, your family, and your values. No two estates are the same, and no two plans should be either.
Trusted Expertise
Qualified financial advisers with over 20 years of experience as part of Bower Group, supporting clients through some of the most important financial decisions of their lives.
Targeted Local Advice
Dedicated wealth managers in your area who take the time to understand your situation fully and explain every element of the legacy planning process in plain, straightforward language.
Legacy planning you can trust.
Many people put off legacy planning because it feels complex, emotionally difficult, or something that can wait until later. The reality is that the earlier a plan is in place, the more options are available to you — and the more protected your loved ones will be.
Without a will or estate plan, your estate is distributed according to the intestacy rules, which may bear little resemblance to your actual wishes. Inheritance tax may reduce what your beneficiaries receive far more than necessary. Assets you have spent a lifetime building could pass to the wrong people, in the wrong order, at significant financial cost.
Good legacy planning addresses all of this.
Our financial advisers work with you to understand your estate, your family, and your intentions in full. We then build a strategy that protects your wealth, reduces your inheritance tax liability where possible, and gives you genuine confidence that your affairs are in order, whatever the future holds.
We also recognise that legacy planning matters particularly for women. Women are statistically more likely to outlive their partners, which means they are more likely to be the person left managing an estate, making financial decisions alone, and ensuring their own wishes are in place. Having your own legacy plan, one that reflects your wishes independently rather than simply mirroring a joint arrangement, is one of the most important steps you can take for your own financial security.
The Legacy Planning Process.
Initial consultation.
A complimentary, no-obligation conversation where we explain the legacy planning process, outline the key elements of the service, and begin to understand your estate, your family, and your wishes. No pressure. No jargon. Just a careful, considered conversation about what matters most to you.
Understanding your wishes.
We work with you in detail to understand your goals, your values, your family circumstances, and the future you want to create for the people and causes you care about. We listen carefully and ask the right questions before making any recommendations.
Creating your plan.
Your adviser carries out a comprehensive review of your assets, accounts, property, investments, pensions, and life insurance policies. They then prepare your bespoke legacy plan, covering estate planning, inheritance tax strategy, trust arrangements, will writing guidance, and lasting power of attorney as appropriate, and walk you through every detail clearly before anything is agreed.
Reviewing your progress.
Life changes, and your legacy plan should change with it. We recommend regular reviews to ensure your plan remains aligned with your circumstances, reflects any changes in tax rules or personal finance arrangements, and continues to protect the people you care about in exactly the way you intend.
Frequently Asked Questions About Legacy Planning
Legacy planning is the process of deciding clearly how your assets, wealth, and personal affairs will be managed and distributed after your death, or if you become unable to manage them yourself. It encompasses will writing, estate planning, inheritance tax planning, trusts, lasting power of attorney, pension inheritance, and more. It is broader and more comprehensive than simply having a will in place.
The standard inheritance tax threshold, known as the nil rate band, is currently £325,000 per person. Estates above this threshold are generally subject to inheritance tax at 40% on the amount above the threshold. Additional allowances may apply, including the residence nil rate band for those passing on a family home to direct descendants. Tax rules can change, and your adviser will always explain the current position and how it applies to your individual circumstances.
There are several strategies that can legitimately reduce the inheritance tax your estate may owe, including making use of annual gift allowances, charitable giving, placing assets into a discretionary trust or trust fund, using business relief where applicable, and structuring life insurance policies to pay out outside of your estate. The right approach depends on your circumstances, and your adviser will explore the full range of inheritance tax exemptions available to you.
A will is one important element of a broader legacy plan. Will writing records your wishes for how your estate should be distributed after your death. Legacy planning looks at the wider picture — including tax implications, asset protection, trusts, lasting power of attorney, pension inheritance, and how your wealth can best support your beneficiaries over the long term. A will without a wider plan can still leave your estate exposed to unnecessary inheritance tax, delays through probate, or unintended consequences.
A lasting power of attorney is a legal document that appoints one or more trusted individuals to make decisions on your behalf if you become unable to do so yourself. There are two types, one covering property and financial affairs, and one covering health and welfare decisions. Putting a lasting power of attorney in place while you have full mental capacity is one of the most important steps in the legacy planning process, and one that is often left too late.
A discretionary trust is a legal arrangement that places assets under the control of trustees, who manage and distribute those assets for the benefit of named beneficiaries at their discretion. Discretionary trusts can be used to protect assets from creditors, support children or vulnerable family members, manage assets for beneficiaries who are too young to inherit, and in some circumstances reduce inheritance tax liability. Your adviser will explain clearly whether a trust fund arrangement is appropriate for your circumstances.
If you die without a will, your estate is distributed according to the intestacy rules, a legal framework that determines who inherits based on family relationships rather than personal wishes. Under intestacy rules, unmarried partners receive nothing regardless of the length of the relationship, and the distribution may not reflect your intentions at all. This can leave loved ones facing delays, disputes, additional costs, and outcomes you would never have chosen.
Probate is the legal process of administering a deceased person’s estate, valuing assets, paying debts and inheritance tax, and distributing what remains to beneficiaries. A well-structured estate plan can simplify the probate process, reduce delays, and in some cases reduce the inheritance tax payable before probate is granted. Your adviser will help you understand how good planning today can make the process significantly easier for your family in the future.
Yes, particularly if your circumstances have changed. A will written before a divorce, a new relationship, the birth of a grandchild, a significant change in assets, or a bereavement may no longer reflect your intentions. The tax implications of your estate may also have changed. We recommend reviewing your legacy plan whenever your life changes significantly, and at minimum every few years regardless.
A divorce has significant implications for your will, any joint life insurance policies, pension nominations, and lasting power of attorney arrangements. All of these need to be reviewed and updated as part of the divorce process. We can work alongside your solicitor to ensure your legacy plan fully reflects your new circumstances and that nothing is left unaddressed.
Before undertaking any work on your behalf, we will always inform you in writing of the cost. You will then be free to decide whether you wish to instruct us. Our fee structure will be dependent on the complexity of your situation and the work you wish us to undertake. Initial meetings are offered at our expense and without obligation. Please ask for a copy of our Client Agreement which contains details of our typical fees.
Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a guide to the future. The value of current tax benefits is subject to change.