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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 should you start planning?

The estate planning process not only ensures that your family and friends receive more of your estate and wealth, but also that the executors have access to your Will and your funeral wishes are carried out the way you want. Starting the estate planning process early will give you time to work with us to ensure the money you wish to pass on goes directly to your beneficiaries. If unplanned, you may find your estate is 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 relatives and friends while still alive, within certain allowances. If you live for seven years after making 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 is 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, and to support you sensitively through the process.

  • We make a list of both your assets and any debts
  • We note any gifts you plan to make to ensure a more beneficial inheritance tax outcome
  • We ensure 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