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Estate planning can be something people avoid thinking about as it can leave you feeling overwhelmed, however having a clear plan in place means your assets will be distributed in accordance with your wishes and having a professional Will drawn up is the first step in the process.  Should you die without a Will in place your estate will be distributed in accordance with the Laws of Intestacy which may well be at odds with your wishes.

Avoiding unnecessary tax bills is a large part of estate planning alongside setting out your wishes for your family.  Inheritance tax can significantly reduce the value of your estate, and it is important you get advice to take advantage of the areas of flexibility within the law of estate planning.

It is recommended that you review your Will every 2 to 5 years and particularly after significant events such as the birth of a child or divorce.  A review may be required even if your wishes have not changed, the law and/or the value of your estate may have.

Lasting Powers of Attorney (LPAs)

Part of the Estate planning process is safeguarding your financial decisions during your lifetime and establishing an LPA can assist with this process.  This is a legal document which allows you to appoint someone you know and trust to make decisions for you in case you lose the capacity to make your own decisions.  LPAs can be made for property and financial affairs, and health and welfare.  An LPA only comes into force if you no longer have the mental capacity to make these decisions yourself and you can revoke it at any time, provided you have the mental capacity to do so.

Plan for care costs

With increasing life expectancy, it becomes important to plan for potential care costs. Putting money aside specifically for care or creating trusts can safeguard your estate from being depleted by such expenses whilst reassuring you that your needs are being met.

Keeping beneficiaries informed

Communicating with beneficiaries can help avoid misunderstandings and disputes after your death.  Letting family know your intentions and your approach to the process of estate planning can provide clarity.

We can assist in the completion and registration of LPAs and provide tailored advice on estate planning.  For more information please contact us.