Why It Is Never Too Early for Estate Planning

Why It Is Never Too Early for Estate Planning

While some may consider estate planning as a last priority and an aspect of their finances that they have time to sort at a later date, the truth is that it’s never too early to make a plan of action regarding your assets.

We understand that no one wants to sit and think about what will happen to their loved ones, especially their children, once they have passed. However, it’s important for ensuring that the assets you have worked hard to accumulate, are preserved and transferred to the people you care about once you are gone.

Our experts at Hansford Bell explore exactly what estate planning entails, delving into specifics such as arranging enduring power of attorney and making a last will.

What is Estate Planning?

Estate planning is the process of organising your assets, and having a plan in place to ensure they are distributed as you wish after you have passed.

The process of estate planning involves taking stock of all your assets, including your property portfolio, investments, bank accounts, life insurance and personal belongings. It also includes considering liabilities such as any outstanding debts and mortgages.

The value of your assets doesn’t have to be significant for you to consider estate planning. This process is for anyone, regardless of financial status, who wants to protect their estate and ensure their loved ones are provided for.

The main aim of estate planning is to assess and gain a clear idea of your financial standing so that you can make decisions about how you want your state to be managed and distributed.

Why Early Estate Planning is Important

For younger generations who have years ahead of them before their retirement, estate planning can seem unnecessary. However, there are multiple benefits to getting ahead:

Taking Care of Loved Ones

The most significant factor of estate planning is gaining peace of mind knowing that you have provided for your loved ones, and distributing your assets between them. By planning early, you can establish trusts and designate beneficiaries, ensuring their well-being even after you are gone.

Ensuring Your Wishes Are Met 

Early estate planning allows you to clearly specify how you want your assets to be distributed in the event of your passing. It also allows you to outline your wishes for medical treatment, should you for any reason become incapable of communicating your preferences.

Provides Clarity Over Inheritance

Unfortunately, it is sometimes the case that after the death of a loved one, there can be disputes among potential heirs for who inherits which assets. Through estate planning you can ensure that your intentions are clear, preventing any familial disputes.

The Importance of Your Last Will and Testament

Your will is a legal document that outlines how you want your assets distributed after your death. If you have children, this also includes who you want to appoint as a guardian.

While you may complete a draft of your will in the near future, it’s important to regularly review and update it (at least every five years) to ensure that it remains aligned with your current circumstances and wishes, offering clear direction for the distribution of your estate.

A qualified estate planning professional will be able to assist you in drafting your will, directing you through all legal complexities to ensure that the document is valid. They will also be able to provide valuable insights into how to optimise your estate planning for tax efficiency and legal compliance.

Specialist Estate Planning Services from Hansford Bell

Hansford Bell is an independent Chartered Financial Planners based in Tavistock, with a client base throughout the south of England.

We understand that life circumstances evolve, making estate planning an ongoing process that requires adjustments. We are here to support you navigate the legal complexities to ensure your wishes are met.

Whether you are initiating the estate planning process or revisiting an existing plan, our team are committed to providing comprehensive and personalised estate planning services.

For tailored advice about preserving your estate once you have passed, get in touch with our team to book a consultation.

A Fresh Approach to Financial Planning and Advice.

Hansford Bell aren’t your average team of financial specialists. We take the time to get to know our clients and help them realise what they want from their life, whether that’s a personal ambition or a financial goal.

Our planners are highly experienced and know the industry inside-out. We combine simplified, straight-forward tips and guidance with cutting-edge technology and a comprehensive understanding of your situation. We focus on your finances, so you can focus on living your life.

Want to know more? Talk to us today and we can start making that dream future a reality!