Trusts can be an incredibly useful way to pass on wealth and preserve assets. Yet, there’s a common myth that they’re only valuable for very wealthy families. Read on to discover why a trust may make sense for you.

A trust is a legal arrangement that you could use to pass on assets.

The trust would be set up so that a person or people, known as the “beneficiaries”, would benefit from the assets. A trustee would manage the assets on behalf of the beneficiaries. You can choose to name more than one trustee. 

You could place a range of ass...

After more than a decade of low interest rates, many people will be pleased to see the amount their savings are earning is starting to rise. Yet, it could mean you need to pay a tax charge. 

Interest from saving accounts may be liable for Income Tax. When the average interest rate was below 1%, you usually had to have a substantial amount held in cash accounts to face a tax charge. However, as interest rates rise, you could unexpectedly cross the tax threshold.

So, read on to find out when you need to pay tax on interest and how you coul...

Inheritance Tax (IHT) is often controversial – you may have heard of it referred to as “the most hated tax in Britain”. Yet, despite the coverage it receives, it’s often misunderstood. Common myths about IHT could mean you’re needlessly worrying about a potential bill or failing to take steps that could allow you to pass on more wealth to your family.

Read on to discover seven common myths about IHT and better understand if it’s something you need to consider as part of your estate plan. 

1. “Inheritance Tax makes up a large portion of H...

Spending too much money in retirement is a common fear. Yet, some retirees struggle with the opposite challenge – they spend too little. Read on to find out why and what you can do if you’re too frugal in retirement.

Underspending once you give up work may be more common than you think. It’s easy to see why some retirees adopt this approach. As many retirees are responsible for managing their income and ensuring it lasts, there is a real danger of overspending and facing a shortfall in your later years. 

In fact, interactive investor’s T...

As inflation persists, central banks were forced to announce further rises to interest rates in March.

Coupled with the collapse of Silicon Valley Bank, it has been an uncertain few weeks in the world economy.

As an investor, remember that volatility in the markets is normal. Take a long-term view of your portfolio’s performance and focus on your overall goals rather than short-term market movements. 

Here are some of the factors that affected markets in March 2023.

UK

After hitting a new record high in February 2023, the FTSE 100 fel...

Although it’s common to set out new goals at the start of the year, those resolutions are often broken by the time spring rolls around.

If you’re wondering how to get back on track, now is the perfect time to acknowledge the achievements you’ve already made this year and to start planning out the next few months.

Spring is the ideal time to evaluate your new year’s resolutions

It’s customary to pick the goal you want to focus on for the year in January. However, these resolutions rarely last. A study found that around two-thirds of peop...

Research has found that many couples keep financial secrets. While you may want to keep your finances separate for a whole host of reasons, working together could mean your money goes further and you’re more likely to reach your goals. 

According to an Aviva survey, 38% of people in a relationship admit to having a secret account or money stashed away that their partner doesn’t know about. The average amount hidden in a savings account is £1,600, and half of over-55s have more than £2,000 squirrelled away. 

There are lots of motives for ...

The benefits of having a will in place are well-documented, although if you don’t have a will, or haven’t updated it in some time, you’re not alone. A recent survey from MoneyAge has found that 51% of adults in the UK currently don’t have a will in place.

Of those with a will, 43% haven’t updated it since it was first written. 

A will can be a fantastic way to: 

• Allocate your assets to loved ones

• Nominate legal guardians for your children

• Divide your estate as painlessly as possible

• Reduce your liability for Inheritan...

Do you find pension information confusing? You’re not alone; 50% of people in the UK describe the information they receive about their pension as “overwhelming”, according to a Standard Life study.

Fortunately, there are places where you can seek guidance or advice. The survey found 83% of people think financial advisers offer useful support.

If you’re not sure if your pension is on the right track, a financial planner could help put your mind at ease. Here are four reasons why. 

1. A financial planner can cut through jargon

Pension in...