Traditionally, people passed on wealth to their loved ones once they passed away through a will. However, you might be considering gifting assets during your lifetime to create a living legacy. Read on to discover the pros and cons you may want to consider before deciding which option is right for you.

The benefits of passing on assets during your lifetime 

A living legacy may allow you to help your loved ones when they need it most

One of the key drawbacks of a traditional inheritance is that they’re often received later in life when l...

Retirement can be an exciting milestone, but one that you might feel nervous about too. Setting out how to achieve the retirement lifestyle you want could help put your mind at ease. One of the first things you may have to consider is how you’ll retire – would a phased retirement suit you?

Over the next few months, you can read about key considerations if you’re nearing retirement, from contemplating the emotional side of stepping away from work to how to access your pension. Read on to discover if a gradual retirement transition could be...

Pension savers dubbed “triple defaulters” could be overlooking small changes to their pension that may make their long-term finances more secure. Have you reviewed these three important pension decisions recently? 

According to a survey from Aviva, millions of workers who have been auto-enrolled into a pension scheme have never updated their contributions, investment choices, or target retirement age. The findings could suggest many people are approaching retirement unprepared.

Indeed, more than half of those on a middle income due to re...

Your home may be one of the largest assets you have. With property wealth often inaccessible, you may be considering using equity release to unlock some of the money tied up in your home.

According to the Equity Release Council, the average new customer unlocking property wealth releases almost £60,000. So, using equity release could provide a significant financial boost in your later years.

However, it can have a long-lasting effect on your finances so it’s crucial you understand what equity release means and whether it’s the right opti...

Economies around the world continue to struggle with high inflation and weakening demand affecting GDP. Read on to discover some of the factors that may have affected your investment portfolio in September 2023.

When reviewing short-term market movements, remember to focus on your long-term investment goals.

UK

Official data shows the UK economy contracted by 0.5% in July. The Office for National Statistics (ONS) attributed the poor performance to strike action and poor weather.

However, there was some good GDP data. The ONS said the U...

When you think about the most popular retirement dreams, an adventurous cruise or having time to put your feet up might come to mind. Yet, a survey found the most common goal for retirement is to achieve financial security.

According to Legal & General, a huge 94% of Brits say their most important retirement dream is to feel financially secure for the rest of their life.

The results found there are other popular retirement goals too. However, many of them are related to finances in some way. So, it’s not surprising that feeling financial...

Opening up about your finances can be difficult. Yet, talking about money could improve your financial security and boost your wellbeing.

Every year, the Money and Pension Service (MaPS) hosts Talk Money Week, an initiative encouraging more people to start financial conversations. This year, it takes place between 6 and 10 November, and it asks everyone to do one thing that could improve their financial wellbeing, and inspire others to do the same.

So, if you’ve been putting off financial discussions, now could be the perfect time to tac...

The latest release from HMRC shows it collected a record £16.7 billion in 2021/22 through Capital Gains Tax (CGT) – a 15% increase on the previous tax year. Cuts to a tax exemption could mean CGT receipts might climb even further.

CGT is a type of tax you pay when you sell or dispose of certain assets. It may include property that isn’t your main home, some investments that are held outside of an ISA, or personal possessions that are worth more than £6,000.

Previously, the annual exempt amount – the threshold up to which you can generat...

A will provides a way to state who you’d like to receive your assets when you pass away. While you don’t need to work with a solicitor when writing a will, doing so could help you avoid mistakes.

Will Aid is taking place in November and may be the perfect time to write your will while supporting good causes.

Every year, participating solicitors volunteer to waive their usual fee for writing a basic will. Instead, they invite clients to make a voluntary donation to Will Aid. The donations support a variety of charities, including Age UK, ...