At Wayman & Long, our estate planning solicitors offer expert advice to make sure you’re in the know and supported through the process. Here, we provide a guide to estate planning, giving you everything you need to know about the what’s, how’s and why’s of estate planning.
Estate planning is an important process that makes sure your assets are managed, protected and distributed according to your wishes, providing peace of mind for you and your loved ones. It involves making decisions about your estate, including property, finances, and personal belongings.
The goal of estate planning is to ensure that, after you pass, your assets are passed on according to your wishes, in a tax efficient way.
Your estate is made up of any assets you own and can include:
Estate planning covers how your estate is managed and how your assets are transferred. Having a plan in place is much more than an ‘instruction manual’ for after your life – it offers you and your loved one’s peace of mind. Leaving your affairs unattended can cause further distress for loved ones at an already difficult time.
Estate planning involves multiple steps, which is why we advise on getting professional advice.
Arguably, one of the most important aspects of estate planning is making a will.
This legally binding document makes your final wishes clear regarding your estate. In a will, the people, organisations, or charities you want to leave the various parts of your estate to are made clear. An executor, who is responsible for handling the estate and seeing that the instructions within the will are followed is also put in place.
A lasting power of attorney is a vital part of estate planning. It allows you to appoint an ‘attorney’, typically a member of your own family, who will then have the power to either help you make decisions, or make them on your behalf. This is important for if you become physically or mentally incapable of handling your own affairs.
Following your death, your estate becomes liable for Inheritance Tax.
If your estate passes the threshold and you want to leave all or some of it to anybody other than a spouse or civil partner, there are ways in which you can mitigate the amount of IHT your loved ones have to pay.
Our estate planning solicitors can help you understand IHT more and put appropriate plans in place to benefit you and your loved ones.
A trust can be an advantageous part of estate planning. But perhaps not for everyone.
A trust is a legal contract, which names a ‘trustee’ to look after assets on behalf of a beneficiary named in a will. This is often the case if the beneficiary is a vulnerable person, or if assets can only be transferred when a certain condition is met (for example, a child reaches adulthood).
One of the implications when setting up a trust is that you give up ownership of the assets when setting up a trust, so therefore, they are no longer part of your estate. This is how trusts can be used to lower an Inheritance Tax bill.
It is never too early to start estate planning, if anything – the earlier the better!
Starting estate planning early can offer many benefits:
Estate planning isn’t just about you, it’s about your loved ones too. Starting an estate plan can help make sure your loved ones feel protected and are looked after when you’ve gone.
Starting an estate plan is one thing, but why start early?
Unfortunately, some people find themselves in a situation, as time goes on, that they may become unwell or not able to look after their assets. Without a clear guide to estate planning, this can often leave beneficiaries in distress, wondering what to do for the best.
We believe it’s never too early to start creating your estate plan. By taking the necessary steps now, you can guarantee that your assets are passed on to the next generation just the way you want.
Making sure your wishes are met, when you’re no longer here, not only offers you peace of mind but can reduce needless complications for your loved ones. Estate planning can help to do this, as well as ensure they are taken care of as intended.
This being said, estate planning isn’t necessarily a straightforward process. Producing a guide to estate planning is one thing, but at Wayman & Long, we can offer so much more than that.
An estate plan is more than just a series of steps written down on paper. It’s made up of various legal documents, such as the will and trusts. This is where our experts can help.
At Wayman & Long, we know that estate planning is about living a life that secures your loved ones, not just after you’re gone. Our team of estate planning solicitors in Sudbury are on hand to guide you through estate planning with a supportive approach. We aim to respect your wishes, look after you and your loved ones and protect your assets.
We are upfront and transparent, from time frames to pricing. We know that estate planning is a big deal for you and your family, so to avoid any unexpected surprises, we have implemented fixed-fee structures wherever possible.
We offer every client a dedicated estate planning solicitor who will guide you through the process from start to finish.
Our estate planning solicitors can help with:
Have questions about our guide to estate planning?
Want to reach out to our trusted estate planning solicitors?
Get in touch today.
Reach us by calling 01787 277 375 or emailing us at enquiries@waymanandlong.co.uk.
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