Generating a legacy

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It’s not a subject matter that any of us wants to consider, but thinking about what will happen to our estate after we die is important if we want our loved ones to benefit from a legacy. We work with many clients to help them achieve this.

For example, William and Marion (both 73) came to see Fairstone NI as they were worried about how to protect their home in order to generate a legacy for their children.

They had read articles in the paper about how many people were forced to sell their homes to pay for care fees and the tax payable on their death. As a result, they felt that they needed to seek professional advice.

What were their aims?

William and Marion had worked hard to pay off their mortgage and had enough savings to enjoy a few holidays in their retirement. They did not live a lavish lifestyle and did not want to change how they lived.

Their main aim was to generate a legacy to ensure that they wouldn’t have to pass their assets on to any third parties after working so hard to earn them.

How Fairstone NI helped

We met with William and Marion in their home and discussed with them at length their financial aims and objectives.

They told us how much money they felt they wanted to leave to their children and grandchildren, and we discussed how we could help provide such a legacy.

We also chatted through the income that they were living on currently, and helped them to forecast whether or not this would be enough to last until their death.

During this consultation, we discovered that the savings they held were in a bank account and that the relative value was being eroded due to poor interest rates and inflation.

After researching and designing a bespoke plan for William and Marion, we met with them again to present a strategy to help them achieve their financial aims.

We showed them that we were able to provide an investment solution that provided the necessary income for them both. This investment would be placed under trust for their children and, should the worst happen, the children would receive the lump sum investment.

As William and Marion were living a comfortable life on their income, we directed the income they received to a Whole of Life protection plan that was also placed in trust for their children.

This would mean that upon the death of both of them, the sum assured was again passed to their children and would not be included as part of their estate.

The result?

William and Marion were confident that their children and grandchildren would be left a substantial legacy over and above what they ever dreamed was possible.

They are now thinking of downsizing to a small apartment close to their family, and no longer need to worry that losing this asset would result in losing a legacy for their family.

Get in touch

To find out more about how our financial advisers can help you to achieve your financial objectives – be it generating a legacy, or otherwise – don’t hesitate to get in touch for an informal discussion with one of our team.