Estate Planning is important and something we should all consider, as without a plan in place, settling the affairs of the deceased can be very time consuming and costly during an emotional time. There are many reasons why families estate plan – Here are the main reasons why:
Estate Planning Protects Beneficiaries – You can choose, not the court, who will inherit from your assets, possessions and valuables by appointing executors.
Estate Planning Protects Young Children and Dependants – You can ensure children/dependants are cared for by your instruction, through appointment of guardianship. Without a Will naming those guardians a court will decide who raises your children as no provision was made.
Estate Planning allows you to tax plan, utilising full tax allowances for inheritance tax purposes, through asset transfer.
Estate Planning helps you to plan for unforeseen life circumstances, for example divorce, remarriage/step families, bankruptcy and more such as in a family trust.
Estate Planning protects for the future years. For if someday you become unable to make decisions regarding your financial and personal welfare, due to physical and/or mental capacity reasons, by granting authority through Powers of Attorney, you can appoint those trusted, to make those important decisions regarding where you live and who cares for you on a daily basis, rather than the authorities.
Estate Planning assists in avoiding lengthy and costly Probate – A simple Will does not usually avoid probate. The authentication of the Will could still be challenged. Probate can typically cost between 1.5-5% of the value of your estate and take a minimum of three to four months, but could take over two years to complete. The setting up of a Specialist Probate Trust can be a very effective and affordable way to avoid your beneficiaries going through Probate.
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Mrs Adams had co-habited with her partner for over zo years, she had also put money into the house for home improvements in the past. He died suddenly without a will or children and when Mrs Adams attended his funeral, his sisters told her that by Law they would inherit the house. Mrs Adams was extremely wonted and following advice from two separate solicitors firms, she had given up hope of retaining her home. She then approached Perfect \Vats & Estate Planners, who advised that under the Inheritance (Provision for Family and Independence) Act tgzs she could make a claim and probably retain her home in which she had resided for many years. Perfect Wills through our Associates secured the house in her name and negotiated a very fair and affordable settlement for the two sisters
Mrs Adams - Probate 8 Contentious Probate Matters
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