WHAT IS ESTATE PLANNING?

Estate planning is the process of making arrangements for the management and distribution of your assets and affairs after you pass away. In England and Wales, estate planning is important for several reasons:

Ensuring that your wishes are carried out: By creating a will and other estate planning documents, you can specify how you want your assets to be distributed and who should be responsible for managing your affairs after you pass away. This can help ensure that your wishes are carried out and that your loved ones are taken care of according to your wishes.

Minimising taxes: Estate planning can help minimise the amount of taxes that your estate will have to pay after you pass away. For example, you can set up trusts or make gifts during your lifetime to reduce the value of your estate and therefore the amount of inheritance tax that will be due.

Avoiding disputes: By clearly setting out your wishes in a will and other estate planning documents, you can help avoid disputes among your loved ones after you pass away. This can help ensure that your loved ones can focus on grieving and healing rather than fighting over your assets.

Protecting your assets: Estate planning can help protect your assets from creditors and other potential threats.

Overall, estate planning is an important process that can help ensure that your wishes are carried out, minimise taxes, avoid disputes, and protect your assets. If you haven't already done so, it's a good idea to get in touch to start putting an estate plan in place.

Your Will Service has provided personal, confidential services regarding Wills, Lasting Powers of Attorney, Trusts, Inheritance Tax Planning and Business advice for over 12 years. As a member of the Society of Will Writers and a STEP affiliate, we ensure all work is commissioned to the highest standard.