Estate Planning
Estate planning is making a plan for how and to whom you will pass on your wealth before and after you die.
While it can be a difficult and often emotional topic to address, it is a very important one. Without the clear instruction, your assets may end up in legal limbo for many years, placing an unnecessary burden on your heirs and family members.
Planning ahead while you are able to gives you control and peace of mind that you assets will distributed as you wish.
This is done by using one of more of a variety of different arrangements which can protect you, your family, your interests and you assets. I can you guide you through the setup of these documents and introduce you to trusted professional service providers where needed. These include:
A Will
Trusts
A Power of attorney
Beneficiary nomination
Advanced Medical Directives
UK Inheritance Tax
If you are a UK domiciled person in addition to the challenges of estate planning you will need to plan for Inheritance Tax, which further complicates the process. This is a tax applied to your estate when you pass away. It can have a large impact on the amount that you are able to pass on to your heirs.
Thankfully there are lots of planning opportunities to reduce or even remove your exposure to inheritance tax. Working with a qualified professional to discuss your situation and understand the options open to you is an critical step for any estate plan.