Estate planning helps an individual to plan on who will own or manage their assets when they are either alive or pass away. We can help with Will writing and how to plan for the future.
The aim of estate planning is to ensure that when you pass away what you own is passed according to your wishes. This can also be done in a tax efficient way with little fuss.
Your estate can be made up of:
- Cash
- Savings
- Property
- Possessions
- Insurance policies and Investments
An estate plan covers how your estate is managed and how your assets are transferred. It can also provide instructions for what should happen if you become incapable of handling your own affairs, prior to your death.
Leaving your affairs unattended can cause further distress for loved ones at an already difficult time. That’s why it’s important to put a plan in place for what happens in the event of your death.
There is no specific age at which estate planning should be started, but many advisers suggest starting as soon as adulthood. You would then revisit your plan every few years to be sure it remains up to date.
Why is this important
Estate planning can help make sure your loved ones are looked after when you are gone. There are various advantages to having a will in place and other estate planning documents.
Benefits include:
- Working out the value of your estate
- Making sure your estate is split up as intended
- Minimising the amount of Inheritance Tax your loved ones might have to pay
- Ensuring a quicker transferral of assets when you die
- Making sure all your affairs are in order and (in most cases) nothing is left for either chance or the courts to decide.