Importance of Estate Planning
It’s natural to worry about what might happen to your children when you’re gone, but estate planning will help make sure they’re looked after and put your mind at ease. Depending on their age when you pass away, this can be done through trusts, inheritance, or arranging guardianship.
Reduces Tax Bill
More and more of us are having to deal with inheritance tax, but there are a range of measures you can take to improve the tax efficiency of your estate. Result? The ability to transfer the majority of your hard-earned wealth to the next generation.
Inheritance Tax FAQs >
Respects Your Wishes
Estate planning involves the creation of a number of legally binding documents which set out your wishes when it comes to inheritance, who should manage your affairs if you become incapacitated, who can make medical decisions on your behalf, and what your funeral arrangements should be.
Sometimes, the death of a loved one can lead to disputes and disagreements between family members – particularly if they have not left clear intentions behind. By communicating your wishes during your life and after it, you’ll help your loved ones navigate with greater clarity.
Saves Time & Money
As discussed, forgetting to plan your estate can make the probate process much more complicated and drawn out. The paperwork and court appearances involved will all have to be paid for by your estate. In naming your executor and beneficiaries, you’ll significantly reduce this expense.
Takes Care of You
Estate planning isn’t just about the next generation; it’s also about your end of life. A living will and power of attorney protect your best interests if you become incapacitated by detailing who can make medical and financial decisions on your behalf, and how life support should be administered.