Paul Hammond writes: The new Scottish Widows Retirement Report for 2024 has just been released. For 20 years this annual report has surveyed people to understand “Their hopes and aspirations (for) retirement, to understand the plans that they have made, and to also understand their actual expectations.” I’ve read every edition of this report with […]
Trusts
Trust registration: the deadline approaches
There’s a big deadline approaching if your estate planning includes a Trust. Under the snappily-named Fifth Money Laundering Directive (5MLD for short), Trustees are required to register more Trusts than under previous systems including the paper Form 41G (Trust). Acronym alert: we apologise in advance for the number of acronyms this article includes. That’s HMRC […]
Trusting in education: helping out with future school fees
Have you more grandchildren (or great-grandchildren) than before the pandemic? If so, you are not alone! According to The Institute for Family Studies (IFS), the Covid-19 pandemic could boost the number of births by up to 40 per cent by 2024. Supporting academic research suggest that this is due to various factors including: In addition, […]
Keeping control after your death: Trusts and your Will
Leaving money and assets to beneficiaries in your Will may seem cut and dried. However, in practice it isn’t always that straightforward. What do Trusts do? Trusts are designed to ensure your loved ones are properly looked after the way you want, giving you control beyond the grave. You create a Trust that will be […]
Life insurance and Trusts: protection for your family when you’re no longer there
Your Will says who will benefit when you die, but will the finances be available to replace your income, help raise your children while financially dependent, or pay off debts including potential Inheritance Tax? The pandemic has made many of us realise the importance of having life insurance as a fundamental part of a sound […]
Registering a Trust: new rules on their way
New rules will require any Trust to be registered with HMRC by 2022, regardless of whether it is income-producing or not. How will this impact me? If you are a Trustee, this applies to you. You need to ensure that the Trust you look after is registered with the HMRC UK Trust Register by 10th […]
