Protection is primary, succession is secondary and tax is tertiary
You can't give what you haven't got or as we pretentious lawyers would say: “nemo dat quod non habet.” So there is strong argument for ensuring that what we have is preserved for our heirs. We can then give it to them. Then we need to be mindful of tax and to organise our affairs to ensure that we pay no more tax than we should.
A lot is said about tax. It is an essential part of the foundation of a civilised society. As essential to our lives as is the blood coursing through our bodies. One way or another it has to be paid and it gives us our many privileges.
What to do if you have life insurance? Consider putting it in trust. Otherwise it goes to your estate and it may result in a tax bill or bigger tax bill. It is added to the rest of your estate, increasing its size and thus its potential to suffer Inheritance Tax at 40%.
The trust is a simple document often given to you by the insurance company. Nothing complicated.
Lasting Powers of Attorney
Who looks after you if you become incapable of doing so yourself? Whether your property and finances or your general health and welfare? The Court will choose if you don't do Lasting Powers of Attorney.