Protecting your money and assets
Why is estate planning so important?
Estate planning can give you peace of mind over what will happen to your assets and property after your death. Trust and estate planning can also protect your estate for your beneficiaries and reduce the amount of inheritance tax required.
What does personal estate planning involve?
- The main stages of personal estate planning are:
- Write an ‘estate plan’ which lists all the assets and debts in your estate, including property, savings, physical possessions, and any life insurance policy or trusts in your name.
- Plan what cash gifts you want to make, and record any gifts you have made in the last seven years.
- Consider what you want to happen with your funeral and how the funeral expenses will be paid.
- Writing a list of all your wishes that you give to your loved ones about what you want to happen to your money and property after you die, and how you want your affairs to be managed.
How we can help?
While we quite understand and respect that talking about death is not a pleasant conversation, estate planning is an important step to take during your life to make it easier for your family members and loved ones to deal with your estate after your death. Planning an estate is likely to be a time-consuming process and therefore it is worth making sure you have done all the research on what you need to do.