Wealth Management & Estate Planning

Corr & Corr take your whole financial situation into account in order to develop a complete approach to the management and growth of your wealth – for you, your family, future generations, as well as your business.

The wealth management service includes advice on:

• Financial planning
• Maximising your inheritance for future generations
• Retirement planning
• Savings plans
• Preserving and enhancing your wealth
• Minimising your tax burden
• Assessing your attitude to risk
• Asset allocation

Making a Will

Estate planning begins with the following decisions:

• Who will inherit your assets?
• When should the recipients receive them?
• What limitations will be placed on the recipients?
• A Will should also stipulate who is to be your minor child(ren)’s guardian. Although making a Will makes your decision legally binding, the Will can be amended any time you change your mind.

Where should you begin?

Start by completing the following survey. Every ‘no’ answer indicates an area where estate planning issues should be addressed.

• Have you made a Will?
• Has your Will been safely lodged so that others can access it after your death?
• Does your Will name a guardian for your children if both you and your partner die while they are still in their minority?
• Have you considered how to fund the inheritance tax liability?
• If you die suddenly, will your executors be able to locate all your records easily?
• Do you have medium-term and long-term financial objectives?
• Do you know the present value of your estate?
• Are you comfortable with the executor(s) and trustees you have selected?
• Have you arranged your affairs to take advantage of the inheritance tax exemptions?
• Are you sure you have the right type and amount of life assurance?
• Have you considered a trust to prevent assurance proceeds from being taxed as part of your estate?
• Have you considered making gifts to family members that take advantage of the inheritance tax and capital gains tax exemptions and reliefs?
• Are you sure your estate plan is up-to-date and takes into account all your personal wishes and all your potential tax saving strategies?
• Have you considered how inheritance tax will affect your business?
• Do you know what will happen to your business if you die?
• Do you know that business assets can be given away without you having to pay capital gains tax?
• Do you know how to give away business assets free of inheritance tax?
• Have you considered the use of trusts in estate planning?
• Do you know the advantages of an accumulation and maintenance trust?
• Do you know the intentions of relatives with substantial estates?