If, as has been reported, 70% of the population have not made a Will, the percentage will be even higher for those that have not considered Estate planning.
Surely, Estate planning is for those who have a lot of money or large capital assets? you may ask. Well firstly let’s dispel a myth that an Estate consists of lots of properties and cash. When we die (And we all will at some point, we just dont know when) the assets, no matter how large or small they may be, is called the Estate. So when you see the term, Estate planning, it means planning what to do with the assets that have been left behind, following a death.
So what is the difference between making a Will and Estate planning?
By making a will you are:
- Passing your Estate to those you wish to benefit, absolutely.
- You are appointing Guardians for any dependent children you may have.
- Delays caused by probate will be reduced to a minimum.
Estate planning consists of the following:
- Protecting your assets and safeguarding the future of your loved ones.
- Minimises the tax burden upon death.
- Avoids probate court involvement.
- Plans ahead in the case of future incapacity.
- Protects assets from risks such as bankruptcy, divorce and potential care costs which may be payable in the future.
Professional Estate Planning will protect your assets from….
Costs of Care
If your children are involved in a divorce or separation, your existing planning may not be able to protect the inheritance they received.
If your partner or children are in debt or face bankruptcy, the inheritance you left them may vanish.
Inheritance Tax is a serious concern for many whose home and assets are worth over £325,000.
*Will writing is not regulated by the Financial Conduct Authority
For more information or you wish to discuss further please contact on:
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