OVER DEZE AFLEVERING
Building a property portfolio is often about creating wealth, generating income and leaving a legacy. But what happens to that portfolio if the person responsible for building and managing it is suddenly no longer there?
In Episode 133 of the Prime Property Finance Podcast, Gareth Morgan and Mark Watts discuss why landlords need to think beyond wealth creation and start planning for wealth preservation and ultimately wealth transfer.
In this episode, we discuss: • Why "my properties are my life insurance" can be a dangerous assumption • What can happen to mortgages, rents and property values when a landlord dies without a clear plan • Why landlords should start treating their portfolio more like a business • Life insurance, critical illness cover and income protection considerations • The importance of wills, succession planning and conversations with family • Why you should not assume your children actually want to inherit and manage the portfolio • Business partners, spouses, shareholders and what happens when one person is no longer there • Inheritance tax, liquidity and why property wealth on paper does not necessarily provide immediate cash • The role whole-of-life cover can potentially play as part of wider inheritance tax planning • Practical information your family may need, from property and mortgage details to keys, advisers, documents and passwords • The three stages of wealth creation, wealth preservation and wealth transfer
This episode is particularly useful for landlords and portfolio investors who have spent years building assets and now need to consider how those assets, income and responsibilities would be managed and transferred if their circumstances changed.
If you want to review the protection needs around your property portfolio and put appropriate cover in place as part of your wider succession planning, speak to the Prime Property Finance team about the protection options available.
Contact us now if you would like to know more
Disclaimer This podcast is produced by Prime Property Finance, an independent mortgage brokerage. The views expressed are for general information purposes only and do not constitute personal or financial advice. Listeners should avoid taking action based solely on the content discussed and are encouraged to seek advice tailored to their individual circumstances. The information shared reflects the personal opinions of the hosts and any guest speakers and does not necessarily represent the views of Prime Property Finance as a company. Prime Property Finance is not responsible for any losses or actions taken as a result of this podcast.
