Inside content area, use arrow keys or tab to access content

Aaron and Carol story

Protecting family and assets

About Aaron and Carol

Aaron, 47, is a lawyer. He is married to Carol, 45, a marketing executive. They have two teenage children,17 and 19.

Issues identified by their Private Banking and Advice Manager:

  • Aaron had inherited a sum of money from his great uncle.
  • Both he and Carol had a good income and felt they had sufficient funds to meet their current needs. 
  • Aaron wanted to earmark the legacy to help his sons get on the property ladder when they reached adulthood. However, Aaron and Carol had not considered the impact of Inheritance Tax (IHT) on their estate. 
  • They hadn’t considered their financial position should either of them become ill or die.

Recommendations

As Aaron and Carol didn’t see the legacy left to Aaron as ‘their own’, but for their sons, it was pointed out that by using a Deed of Variation, Aaron could effectively give up the legacy in favour of the boys. The Deed could be used to establish a Trust so the legacy could continue to accumulate until the trustees felt the time was right for the funds to be released to the boys so they could purchase property of their own.

By placing the funds in trust for the boys through a Deed of Variation it would avoid the inheritance forming part of Aaron and Carol’s Estate.

Aaron and Carol’s life protection was also reviewed. Their Private Banking and Advice Manager recommended life insurance and income protection, as they didn’t have this.

Outcome

  • Family financially protected against ill health and death of Aaron or Carol.
  • Investment plans are in place to hold funds earmarked for their sons’ use in the future. 
  • We’ve also reduced their Inheritance Tax liability.

Aaron and Carol’s Private Banking and Advice Manager reviewed the situation carefully.


Does this sound like you? If so, you can Book an appointment online

Book an appointment

Or call us on 0845 366 2725 or 0207 649 9097 to arrange an appointment with one of our private banking and advice managers. Calls may be recorded or monitored. Call charges may vary.
Find out more about how we could help you, your family and your business.

Phone

Speak to us

You can call us to arrange an appointment or ask a question.

Lines are open Monday to Friday from 09:00 to 17:00 (Tuesday and Thursday until 19:00) and Saturday from 09:00 to 13:00. Excluding Bank Holidays. Call cost may vary depending on your service provider.

Clock

Book an appointment

Get in touch with one of our Private Banking and Advice Managers.

No charges for the initial meeting to discuss your individual circumstances and objectives.

No obligation to take any of our services or products.

Before any services or products are provided to you we will explain what advice we can give and what products and services this covers, and any advice or product charges that apply and agree these with you.

Contact us

Want to speak to your Private Banking and Advice Manager, visit a Private Banking office or contact our Telephone Banking service?