Protecting your wealth can go a long way to protecting the ones you love. The golden rule is not to delay on making sure the money you have worked hard for is preserved for you and your family.

Here are five ways you can help safeguard your wealth:

Insure yourself

It’s easy to make the mistake of thinking you’re too young or ‘it’ won’t ever happen. But life insurance, critical illness cover and income protection can all help when times get tough. Payouts from life cover ensures that finances are taken care of, if a personal tragedy occurs.

Other kinds of protection insurance mean you don’t have to dip into savings and investments to cover certain costs if your income drops due to illness.

If you already have cover, you might be able to get a better value policy by switching to a newer one, so a review might be in order.

Make a Will

It may not sound like an act of love, but making a Will ensures your assets and possessions are passed on to the people you choose.

Without one your wealth will be passed according to the “laws of intestate” – and not your wishes. Writing a Will can save on inheritance tax too, meaning more of your money goes to the people you hold dear.

If you’re not clear about how you want your money to be split up, particularly if you were planning on distributing it unevenly or have remarried and have stepchildren, then acrimony can ensue. 

You are never too young to make these decisions, so it’s a good thing to get sorted whenever you’re ready. Don’t forget that Wills need updating where marriage or divorce happens.

Trusts and Will Writing are not regulated by the Financial Conduct Authority.

“Professional advice can go a long way to provide peace of mind that you are addressing the needs of you and those of your family.”

Consider estate planning

Inheritance tax (IHT) is charged on an estate, which is the property, money and possessions left behind to loved ones who will pay 40% anything above the threshold.

There’s plenty you can do to ensure as little as possible goes to the taxman after your death. There are exemptions to make use of on gifting money to family and friends, as well as being able to hand over all types of assets, including cash, property and shares tax-free, as long as you live for seven years after making the gift.

You might also consider arranging a trust that can help minimise IHT. You can retain control of money set aside, perhaps where grandchildren are still young, for example. There are several types of trust, and specialist advice is vital to ensure the right trust is chosen for you.

Don’t hand over your money to fraudsters

Fraud happens every day and there’s a chance you might be caught with your guard down.

In many cases fraudsters can be very professional in their approach to convince you their proposition is genuine, offering you access to a sophisticated investment that offers sky high returns.

Yet it won’t necessarily be the most elaborate scam that catches you out. In a new WhatsApp con, parents are being bombarded with messages from criminals posing as their children and pleading for money.

Scammers pretend to the parent that their child has lost their phone and is using a new number.

The reasons the fraudsters give for needing money are also often sensitive — such as for an embarrassing medical issue that needs urgent, private treatment or an urgent bit of home repair.

Protect yourself by assuming that anything out of the ordinary could be a scam. Do whatever it takes to check out any request for money whether it appears to be from a loved one or a genuine professional promising eye-watering returns on an investment. And remember, if it sounds too good to be true, then it probably is.

Seek trusted advice

Professional advice can go a long way to provide peace of mind that you are addressing the needs of you and those of your family.

There are plenty of areas of financial planning worth exploring that could benefit you and loved ones.


This Blog is published and provided for informational purposes only. The information in the Blog constitutes the author’s own opinions. None of the information contained in the Blog constitutes a recommendation that any particular investment strategy is suitable for any specific person.

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