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What is legacy planning?

Legacy planning involves creating a comprehensive strategy to manage and distribute your estate, investments, and other assets after your death.
It includes estate planning services such as:
• Writing legally sound legacy wills to ensure clarity and security for your beneficiaries
• Setting up trusts to protect assets and distribute them efficiently
• Addressing probate and any potential disputes that may arise
Using legal services to ensure compliance with tax laws and regulations
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This whole process ensures your financial affairs are professionally organised, allowing your loved ones to benefit fully from your estate while minimising tax liabilities and administrative delays.

Why is legacy planning important?

Without a well-structured legacy wills estate planning process, some of your wealth could potentially be lost to taxation, administrative expenses or legal disputes.
Proper planning provides peace of mind, knowing that your loved ones, friends, and chosen beneficiaries will receive the maximum benefit from your estate.
Legacy planning also ensures that important informed decisions, such as funding the education of minor children or safeguarding your family business, are left unchanged by unforeseen events.

Key reasons for legacy planning include:
• Protecting your estate: Shielding assets from unnecessary taxes, disputes, and legal complications.
• Securing the future: Ensuring financial stability for family members, friends, and loved ones during a potentially difficult time.
• Maintaining your wishes: Preserving the integrity of your estate and ensuring your hard work benefits those you care about.
• Providing clarity: Reducing ambiguity by documenting clear instructions for the distribution of assets.
A legal scales statue

What does the legacy planning process involve?

A comprehensive legacy planning process is tailored to your individual circumstances, goals, and priorities. It integrates a range of estate planning services designed to secure your wealth and fulfil your wishes.
Key steps include:
• Reviewing your estate: Assessing property, savings, assets, and liabilities to understand your financial situation.
• Inheritance tax planning: Creating strategies to reduce tax liabilities in line with current tax laws.
• Drafting legacy wills: Writing and signing legal documents to outline how your estate will be distributed clearly.
• Setting up lasting powers of attorney: Ensuring trusted individuals can act on your behalf if required.
• Life assurance: Providing additional financial support for your beneficiaries.
• Making gifts: Reducing the taxable value of your estate by gifting assets or money.
• Appointing executors: Selecting a management team or trusted members to oversee the execution of your wishes.
• Regular reviews: Keeping your plan updated to reflect changing circumstances, family dynamics, or tax rules.
A manicured ornamental garden with hedges

FAQs

What is the difference between estate planning and legacy planning?
Estate planning focuses on the practicalities of distributing assets, while legacy planning takes a broader approach.
It ensures that your wealth creates a meaningful and lasting impact for future generations.

Why is having a legacy will important?

A legacy will provides clear instructions on how your estate should be managed and distributed. It ensures your wishes and preferences are honoured and prevents unnecessary disputes among beneficiaries.

How can inheritance tax planning reduce liabilities?

Inheritance tax planning helps to minimise the tax burden on your estate through methods such as trusts, gifting, and efficient financial planning.

Can legacy planning help my family business?

Yes, legacy planning ensures a smooth transition of leadership and management, protecting the income and value of your family company for the next generation.

What happens if I don’t have a legacy plan?

Without a comprehensive plan, your estate may be subject to intestacy laws, which can lead to unintended outcomes, increased tax liabilities, and family disputes.

How can surplus income be used in legacy planning?

Surplus income can be a valuable part of your legacy planning strategy. By regularly donating surplus income to beneficiaries or into trusts, you may reduce the taxable value of your estate without affecting your lifestyle. This must be properly recorded and structured to meet HMRC criteria, so professional advice is recommended.

What is the nil rate band and how does it affect legacy planning?

The nil rate band is the threshold below which no inheritance tax is due.
Making full use of this allowance, along with additional exemptions such as the residence nil rate band, can significantly reduce your estate’s tax liability.
Expert planning helps you arrange your affairs to maximise these allowances effectively.

Why is it important to prepare your legacy plan with expert support?

The importance of working with a trusted person or team lies in the details.
Legacy planning involves more than just legal paperwork, it’s about deciding how to structure your estate, dealing with complex assets, and preparing for changes in law or family circumstances.
Our expertise ensures that every example and scenario is considered carefully, giving you peace of mind now and for the future.

Why is it important to prepare your legacy plan with expert support?

The importance of working with a trusted person or team lies in the details.
Legacy planning involves more than just legal paperwork, it’s about deciding how to structure your estate, dealing with complex assets, and preparing for changes in law or family circumstances.
Our expertise ensures that every example and scenario is considered carefully, giving you peace of mind now and for the future.
A traditional sailing yacht in full sail on the sea

How to get started with legacy planning

Legacy planning can be complex, but with the right advice and services, it becomes a manageable and rewarding process.
The benefits of professional legacy planning:
• Access to expert financial advisors, advice on tax rules, estate planning services and managing disputes.
• A dedicated partner committed to securing your financial legacy.
• Peace of mind that your estate will be managed according to your wishes.

Why choose legacy planning with Maritime Capital?
Maritime Capital can manage and guide you through a range of legacy and estate planning services, all tailored to the needs of HNW and UHNW clients with more than £50m of assets.
Our empathetic and experienced team provides trusted advice, ensuring that the wealth, property and other assets you have worked hard to achieve are managed effectively.
Contact us to discuss legacy planning.
If you require assistance with inheritance tax planning, drafting legacy wills or managing your estate, we’ll create a strategy that reflects your aspirations and safeguards your wealth for generations to come.

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