Make sure you have a Will and put your affairs in order before you die

Following the tragic loss of a dear friend and business partner this week, I was reminded of just how precious and fleeting life can be. We all should make the best of our time on this earth.

She certainly packed more into her short life than most people would in three lifetimes.

Someone once said that there are two things certain in this life:

Death and taxes!

We’re all going to die one day, but unfortunately, taxes, and other financial liabilities, do you not die with you. The government still wants its share of your estate before it is passed on to your beneficiaries.

Even though you build up your savings and property from money on which you have already paid tax, the taxman still puts his hand out for a cut when you die so that the government can spend it. Each year, HMRC collect’s around £5 billion in inheritance tax (IHT) from ordinary families, as well as the rich. Politicians on the left would like to see this increase, as they do not believe children should inherit wealth.

You cannot change the system, but you can take steps to legally mitigate inheritance tax liabilities. See my article on the billionaire Duke of Westminster who legally avoids several billion pounds inheritance taxes. Even the staunch left-wing socialist MP Tony Benn used trusts to avoid inheritance tax on his substantial estate before he died.

You need to take advice on IHT planning, but three of the common methods used are:

1. Wills

2. Trusts

3. Life Assurance

Where there’s a will there’s a relative.

Full details and other articles available at Money Tips Podcast - www.moneytipsdaily.com

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By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at Charles@CharlesKelly.netor send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com