14:40 30 March 2013
You should review your will and all your ISA’sto make sure that you and your family are getting the most out of your investments, not just while you are alive but also after you pass away. One beneficial tip to consider along this journey isto designate a power of attorney in case something happens that prevents you from managing your assets.
Make sure you know your limits on the ISA’s and be prepared to transfer them to your spouse or significant other. You can do this by having a Cash ISA set up for him or her. This ISA would be allowed to have a maximum of £5,340. Other ISA’s all combined together can only go up until you reach the maximum yearly limit of £10,680.
Anyone who has a pension can contribute up to £2,800 per year which can be done by anyone in your family. So the total combined contributions can be £5,600 between you and your spouse plus an additional £2,800 per child into your pension.
If you are earning more than the average citizen, you can contribute more into your pension and will be able to save more money as part of your investments. Your maximum limit that can be reached is £50,000 per person in your family. This is true even if they do not have a job or other income to contribute to the household.
Other Things to do With Pensions for the Family
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Trust Limits are £5,300, and if you have more than one trust the annual allowance is shared between all the trusts. The bare minimum for each trust would be £530 for each trust. Also get advice about investments from an Independent Financial Advisor whenever you can.
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