S3 Ep 8: Estate Planning

In the final episode of our ‘Practical Financial Planning’ season, Simon puts forward some key points to note regarding the arrangements that we can make in connection with the belongings and assets that we leave behind when we die.

Some key points of interest covered in this episode include the following:

• Bex and Simon invite listeners to contribute suggestions for topics to be covered in future seasons of the podcast. [00:52]
• Simon explains what he means by ‘estate planning’, noting that its key purpose is to help people to arrange their financial matters so that, when they die, the right people get the right amount at the right time. [02:35]
• Simon outlines the vital importance to effective estate planning of having a will. [04:42]
• Inheritance tax is the second key factor to take on board in connection with estate planning. Simon explains how it works. [06:27]
• In response to a question from Bex about effective ways of passing on what we have to others when we die, Simon covers the following three points: the advantages of not waiting until death to pass on our assets [09:55]; the importance of understanding the seven year tax rule in connection with gifts that we make during our lifetime [13:25]; and the fact that trusts can be used as a way of placing gifts ‘on hold’ until the right time for making them is reached. [16:51]
• Simon identifies two other approaches to estate planning that can be very useful: ensuring that, for married couples in particular, they hold some assets jointly so that one party is not left without access to money when the other dies [19:39]; being generous and, in particular, making gifts to charity can lead to an outcome where more of our money can be used for purposes that we have decided on, rather than being allocated as a tax payment. [21:00]
• Bex rounds off the season by explaining that there will be a bit of a break before Season 4 and invites listeners to get in touch with feedback, but also with suggestions for the new season, by emailing whereyourtreasureis@freerangepodcasting.co.uk or by sending a message via Instagram to @whereyourtreasureispodcast. [23:20]

This show has been brought to you by Free Range Podcasting.

You can sign up to receive news and updates about this podcast by filling out the brief form to which you will be taken when clicking on this link.