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Estate Planning

Estate Planning
by bespoke

Estate Planning is an essential part of your overall financial journey. Like writing a will or choosing a life insurance policy, planning what to do with your estate when you die is important.

Why you should start planning?

The estate planning process will not only ensure that your friends and family get more of your estate and wealth but will also make sure that your family has access to your Will and that any funeral proceedings go the way you want them to. Starting the estate planning process early will give yourself plenty of time to work closely with our team of specialists, who will ensure that the money you wish to pass on goes directly to your beneficiaries. If unplanned, you may find that you are heavily affected by inheritance tax.

What about Inheritance Tax?

There are many ways to plan your estate to lower the impact of Inheritance Tax. For instance, you could set up a trust fund or decide to gift money to your friends and relatives while still alive within certain allowances. If you go on to live for seven years after giving larger gifts, inheritance tax will not be imposed, as long as you don’t gift more than £325,000. This is a complicated area and we would always advise taking advice before making any decisions.

Will you have an inheritance tax burden when you pass? There are various strategies and plans to employ in order to avoid your descendants being forced to sell the family home to pay the tax bill, or to simply protect the legacy you plan to leave behind. While these can be difficult conversations to have, they are essential to saving your family unnecessary difficulties in the future.

Key Benefits of the Service

There’s a lot to consider with estate planning. Our skilled and qualified advisers are available to provide the essential information and strategies that should be implemented, by supporting you sensitively through the process.

  • We make a list of both your assets and any debts
  • We note down any gifts you plan to give to ensure a more beneficial inheritance tax outcome
  • We ensure that your pensions have the correct beneficiaries recorded with the various providers
  • We provide your solicitors with the information they require on your investments in the worst-case scenario