Inheritance Protection in 2022: Outsmarting the Inevitable

Is Inheritance Protection Crucial When Considering Equity Release?
Contributors: Nicola Date, Katherine Read. Reviewed by Francis Hui
Are You Worried About Equity Release Affecting Your Inheritance? Find Out What Inheritance Protection Is, Why You Need It & Who Can Help You PROTECT IT?

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Leave a lasting legacy by protecting your inheritance!

Death is always a difficult topic to contemplate, no matter how old you are.

However, if you don’t seriously consider what will happen when you die, you could leave your kids with nothing but heartbreak.

In addition, equity release can drain your estate, meaning there will be nothing left to pass down to your heirs.

However, there is a solution!

What You’ll Learn in This Article:

    As leaders in the UK equity release market, we’ve got the latest insight into how you can live financially free now,

    And when you pass away, give your family the boost that most people need.

    Discover this right now!

    How Can You Protect Your Inheritance with Equity Release?

    You can protect your inheritance with equity release in 3 ways; opting for an inheritance protection guarantee1,

    Paying off the monthly interest, or selecting a plan where you can pay off some of the loan annually.

    The choice for taking on an equity release loan might seem counterintuitive at first because you’re essentially borrowing against your house when you haven’t sold it yet –

    But there are some major benefits.

    While Equity release essentially means that you’re using the cash in your estate instead of leaving it to your kids, there are options to get the best of both worlds.

    • Protected Equity Guarantee This allows you to borrow against the value in your home and still keep aside a portion of your estate that will be left to your heirs. Ask about this at your initial appointment with an equity release adviser.
    • Interest Payment Plans Some equity release providers give you the option to make interest-only payments for a set period, usually up to 20 years. Any payments made on loan will be used to build as much equity in your home as possible, so it can be passed down later.
    • Voluntary Payment Options – You have the option to make ad hoc2 repayments whenever you have the money to slowly pay off your loan.

    What’s an Inheritance Protection Guarantee?

    An ‘inheritance Protection Guarantee‘ is a tool offered by many equity release lenders that allows you to protect a percentage of your property value to be set aside for your heirs.

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    How Do You Find an Equity Release Lender That Offers an Inheritance Protection Guarantee?

    You can find an equity release lender that offers an Inheritance Protection Guarantee by getting in touch with a whole-market financial adviser that specialises in equity release.

    Mention to your adviser that you’d like a plan with an Inheritance Protection Guarantee.

    How Else Can you protect your inheritance for your heirs?

    You can also protect your inheritance for your heirs by keeping your will up-to-date, signing a pre-nuptial agreement3,

    Creating trusts, purchasing insurance policies, and keeping your beneficiaries list relevant.

    Here’s more information on 5 steps to protecting your inheritance for your heirs:

    • Create a will – This vital step can never come too soon, and make sure it’s always kept up-to-date.
    • Sign a prenuptial agreement – You should consider signing a prenuptial agreement if you’re remarrying later on in life, to protect your family’s wealth from being lost in case of divorce or death.
    • Create trusts4 So your money will not need to go through probate court when it is time to divide assets among heirs, which may take years if there are multiple beneficiaries.
    • Purchase insurance policies Such as life insurance or an annuity policy with a payout option that ensures heirs will get the money upon death rather than waiting until all debts are paid off.
    • Be clear about your beneficiaries – Make sure that all your beneficiaries are up-to-date and listed.

    You need to take the time to make informed decisions about what your future legacy will be.

    It may not seem like much today, but it could mean a lot in years to come.

    Get in touch with a financial adviser who can guide you through the process.

    Must You Get Help From Your Attorney When It Comes to Arranging Inheritance Protection?

    You must get help from an attorney when it comes to arranging inheritance protection.

    The way we live our lives today means we need more than just wills5; rather,

    We may require legal assistance from someone who specialises in estate planning to help us prepare for the future.

    It’s important to take steps now so that you can leave an inheritance worth passing on to your loved ones – a legacy that will undoubtedly be cherished more than anything else.

    Common Questions

    How Much Does Inheritance Protection Cost?

    Do I Need a Solicitor?

    How Can Inheritance Protection Help My Family?

    Should I Speak to a Financial Planner?

    In Conclusion

    With the right guidance, the best of both worlds is possible to achieve.

    We all want to leave a lasting legacy and ensure that our kids are protected for the rest of their lives.

    That’s why estate planning is so important – and why everyone should have at least some kind of inheritance protection in place before anything happens.

    Before You Go…

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