How to add value to your estate and secure its future
Your estate is one of the most important things that you can build. It sets you up for your retirement and can provide your family with financial support, long after you’re gone. This is vital as events like your funeral cost a lot with the average price being between £3200 and £4400, which may set family members back who have to pay for it. This is why you’ll want to ensure your estate has enough money in it to let your family live a comfortable life with few financial worries after you pass away.
Adding value to your estate and securing it, however, requires careful planning to ensure you invest your money in the right places. Fortunately, there are plenty of ways that you can increase your wealth throughout your lifetime.
If you want to learn how to add value to your estate, then you’re in the right place. We’ll discuss the best ways to do it and how you can secure it, so your family can easily access it should you die suddenly.
Invest your money and build a portfolio
Investing in stocks and shares is a great way to build your wealth further. This can be done by trading on popular websites like Trading212 or you could hire a wealth management firm that understands the market extremely well. They’ll be able to invest your capital in many ways depending on the level of risk-reward you want to take.
Property investment
The housing market has grown exponentially over the last few years, which has led to the average UK house being worth £295,000 according to the most recent data. There are several options for investing in property too. You can either purchase a house and renovate it before selling it for a quick gain. This is known as house flipping. Or you can buy the house and rent it out over a number of years before selling it many years down the line.
How can I secure my estate for my family
Ensuring the legalities around your estate are correct is a must to ensure the smooth handover of money to loved ones should you pass away. The safest way to do this is to create a will that clearly states who the executors are and how you want your estate shared around the family. If you don’t have this, then they may need to instruct an estate lawyer to help with this issue.
You’ll also want to avoid as many tax implications as possible to protect the value of the estate. Some of the easiest ways to avoid a large inheritance tax bill include
Using a trust fund Gifting wealth to family members ahead of death
