A reported surge in people wanting to write or amend their wills at the start of COVID-19 (with some legal firms claiming a jump in demand of up to 76%) tells us that the pandemic has sharply focused peoples' minds on making sure their affairs are in order and that their wealth is transferred to the right beneficiaries should the worst happen.

While sorting a will may be the first thought for many, equal consideration should be given to what happens to pension savings on death

To ensure that your clients achieve the best outcomes for their remaining funds, it's crucial that their wishes are identified and everything is in place to get money into the right hands with the least amount of tax payable. To achieve this means having the right pension, with the right nominations, at the right time.

 

Read our insight to understand:

  • why pensions play a significant role in wealth transfer planning
  • why getting the nominations right is key to making sure that pensions death benefits are received tax efficiently
  • the planning considerations when deciding who gets what and when

News articles

Reclaiming IHT after stock market falls

IHT has to be paid on the estate value at the date of death, even though some of the assets in the estate may have subsequently taken a significant hit
20th May 2020

What does the ‘Staveley‘ case mean for pension transfers in ill-health?

The Supreme Court ruling in the 'Staveley' case has brought into question HMRC's approach.
31st August 2020

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