What is the Purpose of Estate Planning?
Estate Planning in the UK is one of the most important things you can do as you approach later life, but the sooner the better! In this article we will help you get things right.
Estate Planning is something a lot of people think doesn't apply to them...
However, the reality is... most of us have an estate. If you own a house, car, have savings, or even furniture... then this is an estate.
It doesn't matter how large or small it is, it is still an 'estate.' Something everyone has in common, irrespective of whether you have a large or small estate, is that you can't take it with you when you die.
When that happens, you'll of course want control over how things are given to the people or organisations you care most about.
To ensure your wishes are carried out, you need to provide instructions stating whom you want to receive something of yours, what you want them to receive, and when they are to receive it.
You will of course want this to happen with the least amount paid in taxes, legal fees, and court costs.
And this is what we call Estate Planning.
Overall, estate planning can be broken down in to 4 parts:
Writing a will and making executors, family members and friends aware of it.
Making a comprehensive list of your assets and any debts.
Planning, or recording, any cash gifts you plan to give to protect against inheritance tax.
Making provisions for your funeral and any funeral expenses.
For many approaching later life, concern over the impact inheritance tax may have on their relatives is a very real and important issue.
Estate planning provides a viable and sound way to prepare your finances to ensure that your assets are protected for your loved ones once you’re gone.
Estate planning also helps you to avoid or reduce the amount of inheritance tax you’ll pay.
There are other benefits to estate planning and consideration of later life finance – such as arranging a watertight will, understanding and outlining your wishes, making funeral plans and obtaining a clear and comprehensive view of your assets.
At Newlife Wills we are committed to providing sound, clear advice for individuals and their families who are considering later life finance and the costs of care provision.
If estate planning is something you're looking to do, then we would recommend that you speak to one of our experts who can help you.
Contact us on 01843 598620 for a no-obligation home visit.
We hope you found this article helpful!
Newlife Wills team