For many, the largest asset we own will be our homes. In our working lives many people allocate a large proportion of their income into securing and maintaining their dream home; however, as our lifestyles and needs change as we reach retirement, the capital we’ve invested could be put to much better use, for example to leave a much more substantial legacy to our loved ones, which we can watch them enjoy during our lifetimes.
Downsizing your property can not only better suit your lifestyle needs, but it is also a strategy that can help you to increase the inheritance you leave to you loved ones. The main upside to downsizing is that you can access the capital you’ve invested, which can also be used to provide an early inheritance for your loved ones, or reinvested to protect that capital for their future benefit.
However, if you are considering downsizing so that you can leave a legacy, there are several financial considerations that you will need to bear in mind
There are a range of solutions available, including Trust, tax and investment planning; however, all of these areas can be complex, time-consuming and confusing. That is why we are working in collaboration with local, Chartered Financial Planners Efficient Portfolio, to bring you some clarity and clear insight into how to protect your residual equity and provide a long-lasting legacy for your loved ones.