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.
Please contact us to arrange a free, no obligation consultation.