Thinking about our death is not something we often want to do, but like every aspect of our day to day lives we can plan for the best outcome in what will be a difficult time for family, we can ensure the people that we care about are looked after, that there is no question about our assets and that even before we die should we need more support there are plans in place to make it less traumatic not just for ourselves but for those caring for us.  It is not morbid to plan for a time in life we can not often control, as they say one thing in life is guaranteed but death can be unexpected, the plans we make now ensure we have peace of mind no matter what age we are. Most of us think I can do this in the future, we can do it another day or simply do not think it is important, don’t leave your loved ones futures to chance be proactive now.

What is Estate Planning?

Estate Planning is making a will or a ‘Last Will And Testament’, a ‘living’ document most of us will have heard of and indeed it has been well known for centuries. A Will is an outline of your specific wishes, wishes for property and asset distribution, for assets to be distributed when and to whom you choose, not just the big things but all those precious family photos, jewellery, keepsakes you want people to remember you by. A will allows you to be in the decision process about Guardianship of young children and protects their interests. A will can tell family about your wishes for your funeral, your last expression of who you are, it can ensure your estate is not unfairly taxed, it can reduce stress and distress and it can ensure that those partners who are not married are not left with nothing.

If you do not have a will then this is when things can become very complex and distressing.

Intestacy:

When a person dies without a will the estate must be divided out according to specific rules known as the ‘Rules of Intestacy’ and are not in any way the wishes you may have had for your assets. The person who has passed is known becomes known as an ‘Interstate Person’.  It can not be stressed the importance of a will, if you want to know more before chatting with us you can ask your local Citizen’s Advice or visit www.gov.uk/inherits-someone-dies-without-will

As well as will writing, other areas of good Estate Planning are Trusts and Power of Attorney.

Trusts:

A Trust Will can be a way to make sure that your family are not caught up in what can be a lengthy ‘Probate Process’ and that upon your death they receive their inheritance quickly and in accordance with your wishes as outlined in the trust. Did you know that if you have life insurance you can write it into trust!, why do this? simple your insurance policy when paid out will be paid to the person you wish the money to go to and will not be paid to your estate and taxed at 40%. Putting an asset into trust protects that asset for the defined beneficiary and protects it from statutory forces such as taxes.

Power Of Attorney:

Do any of us ant to admit to ourselves or others that there may come a day where because of a number of factors we may not be able to manage our own welfare or financial affairs, life is not that simple and common sense at some point helps us all come to the realisation that it may not happen but if it does we need to be prepared. Having a Power of Attorney, means that we have appointed a person or persons of our choice to have the authority to make decisions in our best interests about welfare and financial concerns should we become incapacitated. POA protects us and others and ensures in as much as is realistic we still have control over our lives.

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If you would like to speak to a member of our team just for an informal chat even we are here to help so please do not hesitate to call or email us.