{"id":1264,"date":"2022-10-24T12:16:13","date_gmt":"2022-10-24T12:16:13","guid":{"rendered":"https:\/\/www.hansfordbell.co.uk\/?p=1264"},"modified":"2022-11-07T12:38:34","modified_gmt":"2022-11-07T12:38:34","slug":"what-is-estate-planning","status":"publish","type":"post","link":"https:\/\/www.hansfordbell.co.uk\/what-is-estate-planning\/","title":{"rendered":"What is Estate Planning?"},"content":{"rendered":"
Here at Hansford Bell<\/a>, we take a forward-thinking approach to money. Specialising in financial life planning<\/a>, we help our clients create bespoke, highly robust plans that align with their personal goals and wishes \u2013 during life, and after it.<\/p>\n In this blog, we provide an overview of estate planning and explain why it\u2019s so important.<\/p>\n<\/div><\/div><\/div> Estate planning is essentially a detailed strategy for your end of life and assets. It outlines how your wealth and possessions should be passed on, arrangements for your funeral, as well as what should happen if you become incapacitated. It also aims to structure your estate in such a way that you minimise the inheritance tax implications, and pass property on to your loved ones in the best possible way. Above all, it\u2019s about clearly setting out your wishes to make sure they are fully respected when you\u2019re gone.<\/p>\n The creation of a will is central to your estate plan, but there are a range of other documents to consider too, including:<\/p>\n What is Estate Planning?<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div> Before we explore estate planning in more detail, let\u2019s explain exactly what we mean by \u2018estate\u2019. Your estate is made up of everything you own. Typically, that means property, investments, pensions, savings, jewellery, and cars, as well as things like clothing and personal possessions where value is more intangible.<\/p>\n<\/div> Get in Touch<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div> Estate planning isn\u2019t only for the rich or the elderly \u2013 it\u2019s for everyone over 18 who owns anything. And that\u2019s a lot of people. After all, none of us can take our property with us. Everyone has their own individuals wishes regarding their property and affairs, and an estate plan is the process that makes sure these are followed. It also protects your best interests in the event that you become incapacitated, either through illness, injury, or mental decline. Simply put, anyone can benefit from estate planning, and it\u2019s never too early to get started<\/a>.<\/p>\n<\/div> How We Work<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div> If you don\u2019t plan your estate during your lifetime, your death will be classed as intestate. That means the courts will decide how your assets get distributed according to the laws of intestacy, which may not reflect your intentions. More than that, in these circumstances, the process of granting probate can take months if not years, making a difficult time even more stressful for your loved ones. Not only can larger than normal legal fees be incurred, but the lack of clarity surrounding your intentions can lead to disputes and tensions between those who have survived you.<\/p>\n<\/div><\/div><\/div> Protects Children<\/strong><\/p>\n It\u2019s natural to worry about what might happen to your children when you\u2019re gone, but estate planning will help make sure they\u2019re 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.<\/p>\n Reduces Tax Bill<\/strong><\/p>\n 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.<\/p>\n Inheritance Tax FAQs ><\/a><\/p>\n Respects Your Wishes<\/strong><\/p>\n 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.<\/p>\n Avoids Disputes<\/strong><\/p>\n Sometimes, the death of a loved one can lead to disputes and disagreements between family members \u2013 particularly if they have not left clear intentions behind. By communicating your wishes during your life and after it, you\u2019ll help your loved ones navigate with greater clarity.<\/p>\n Saves Time & Money<\/strong><\/p>\n 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\u2019ll significantly reduce this expense.<\/p>\n Takes Care of You<\/strong><\/p>\n Estate planning isn\u2019t just about the next generation; it\u2019s 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.<\/p>\n<\/div> Get in Touch<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div> Read next: How to Plan for Inheritance Tax<\/a><\/p>\nWhat is Estate Planning?<\/h2><\/div>
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What is an Estate?<\/h2><\/div>
Who is Estate Planning For?<\/h2><\/div>
What Happens if You Don\u2019t Plan Your Estate?<\/h2><\/div>
Importance of Estate Planning<\/h2>\n
Plan Your Estate with Hansford Bell.<\/h2><\/div>
Thinking ahead? Our friendly team is here to help you plan your estate<\/a> in a way that fully reflects your wishes. We\u2019ll help you structure your assets, reduce your inheritance tax liability, and protect your wealth. Get in touch<\/a> with us today and arrange your free initial consultation. We\u2019re always here to talk!<\/h4><\/div>