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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.


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.


  • 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.

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