Estate Planning

As you approach retirement age and beyond, it’s wise to consider your estate and how you want to organise your assets for later life.

Estate planning is not just about how you pass on your estate and other assets, it’s also about managing your estate in a way that provides you with comfort and peace of mind.

Managing Inheritance Tax is a key component of estate planning. Everyone is entitled to pass on their estate in the most tax-efficient way possible, ensuring that your family and any other beneficiaries receive the maximum value of your estate as is possible.

What Is Estate Planning?

Estate planning services are designed to help you distribute your estate in the most efficient and decisive way possible. By planning your estate and wealth for later life, you can make the most out of your money in the present whilst simultaneously ensuring that the beneficiaries of your estate receive the maximum value of your estate and assets.

Much of this revolves around Inheritance Tax and estate planning law which governs how much of your estate you can legally distribute before you die via trusts and financial gifts.

Putting your money, or other assets into trust is also a popular way of reducing Inheritance Tax bills, and can also help people plan for long-term care needs.

Springfield Financial are exceptionally well-versed in all aspects of estate planning and trust law.

Three of our financial planners have completed Society of Trust and Estate Practitioners (STEP) qualifications and two hold the Society of Later Life Advisers (SOLLA) accreditation which means we are well placed to advise you on:

  • Inheritance Tax (IHT) reliefs and allowances (incl. gift allowances, the nil rate and residence nil rate bands)
  • Utilising pensions for IHT planning
  • Using trusts in association with IHT planning
  • Trustee investments
  • Business relief
  • Long-term care funding

Estate Planning and Inheritance Tax


One of the key purposes of estate planning is cutting Inheritance Tax, which is typically charged at 40% above the nil rate band. With proper estate planning, tax bills can be cut drastically which makes the use of an estate planning financial adviser indispensable. Savings vastly outweigh the cost of obtaining estate planning advice.

There are a few ways to reduce Inheritance Tax or even negate tax altogether where an estate hovers close to the nil-rate band.

The main strategies for reducing IHT include:

  • Making financial gifts
  • Using life insurance to cover IHT
  • Utilising pensions for IHT planning
  • Using trusts in association with IHT planning
  • Using tax-efficient investments to benefit from Business Relief


Some of these strategies are complex to execute and generally require the service of professional financial planners. One example is passing on tax-free pension savings whilst using other assets to provide forms of retirement income in later life. Trusts also provide a tax-efficient way to pass on funds before death whilst keeping some degree of control over what they’re used for and when.

When it comes to making gifts, it is unfortunately not as simple as giving all your excess money away before death to avoid IHT - there are complex tax laws and regulations associated with gifting that you’ll need to comply with.

Navigating the interactions between estate planning and taxes is critical to avoid any issues - it’s imperative that any strategies designed to reduce IHT remain legal and compliant.

Springfield Financial have an in-depth knowledge of the law when it comes to IHT, trusts, gifting and associated estate planning strategies. We will work with you to plan the tax-efficient distribution of your estate whilst simultaneously ensuring that you maximise the use of your money whilst you’re alive.

Estate Planning Solutions


Estate planning is designed to make your money go further whilst you are alive and after you pass away.

Planning around Inheritance Tax can save your family or other beneficiaries of your estate vast sums of money, and may also enable you to spend more money whilst you are alive to nudge your estate below the threshold.

Established in 1979 and based in Preston, Springfield Financial are estate planning specialists - we can assist you in all estate planning strategies and will work with you and other trusted professional advisers, such as solicitors and accountants, to come up with a personalised, bespoke plan that is tailored to your own circumstances and wishes.

Springfield Financial are proud of our status as Chartered Financial Planners as designated by the Chartered Insurance Institute (CII).

Please do not hesitate but to contact us today with any estate planning questions or queries, or to organise a consultation.