Efficient and early estate planning is ideal for giving peace of mind to your loved ones, letting them know exactly how you want your estate and affairs to be managed upon your death. A death in the family is a stressful time, the additional complication of working out what to do with their estate can multiply this stress tenfold.
Estate planning is not reserved just for the richest. It is important that you plan ahead and begin the process of securing your assets early and ensure that your loved ones are cared for after you are gone.
Ready to Start Estate Planning?
If you have made the decision to be proactive with your money and start estate planning for after you are gone, there is no time like the present. Our estate planning services include: guidance with writing a will, establishing a trust fund, as well as the creation of a lasting power of attorney. Click below to find out more.
Will or Trust?
The first step in the estate planning process is to establish exactly what form of plan you wish to enact. Sit down with a specialist to discuss the intricacies and unique aspects of your situation to determine exactly what options are best for you.
For some, a will and a trust can hold significant benefits, for others a trust may bear no major significant advantage.
Carefully Consider Your Wishes
It may seem backwards to think this way, particularly if you are estate planning early in life, but it is important to carefully consider each and every one of your wishes in case the worst should happen.
What wishes do you have for your personal health care if you are unable to make such decisions for yourself? Would the appointment of a dedicated power of attorney to assist with health/financial issues put your mind at significant ease?
Consider your options carefully to ensure maximum coverage and security, as well as maximum peace of mind.
Arguably the most important step in the estate planning process. Think about who you wish to cover and protect in your plan. This is commonly reserved for close family: children, partners, siblings, etc. or even charitable organisations. These people are your beneficiaries and should be clearly listed in your plan.
It is possible to alter your estate plan to add or remove beneficiaries as you see fit.
Research Tax Issues
A factor of estate planning that many forget; inheritance tax can take a huge amount of the money you wish to leave behind before it ever gets to your loved ones.
An effective and early estate plan can ensure that you do all you can to limit the impact of inheritance tax on your assets and estate.
Cover Funeral Expenses
It may be a wise decision to set up provisions to pay all funeral expenses upon your death. You are able to set up a pot of funds that, upon your death, is to be utilised specifically to pay funeral expenses. This is good to stop your loved ones from having to pay what can be expensive fees.
Any wishes such as donating body parts/organs should be included in your estate plan — as should any requests you have for the disposal of your body, burial or cremation, location etc.
Cons of not creating an estate plan are as follows:
- The courts are the ones making the key decisions over your assets
- You are unable to name an executor to oversee your estate
- Your preferred guardians if you have small children will not be automatically selected. The court would decide instead.
- Your beneficiaries are out of your hands
- Inheritance tax is a non-factor in the issuing of funds. All money will be distributed in one lump sum meaning that the full tax amount is likely to be in force.
Making a Last Will & Testament
Just Wills and Legal Services have a number of different options available to help guide you in writing your last will and testament. You can even schedule a call directly with a member of our experienced team who can talk you through the process over the phone.
Establishing Trust Funds
Setting up a trust fund offers significant financial benefits for you and your loved ones. You can hold a manner of different assets in a trust that will go to any beneficiary you wish upon your death, or while still alive. Learn more today and put your mind at ease.
Lasting Power of Attorney
If you find yourself being unable to make important decisions on your own behalf, not having a lasting power of attorney can put your loved ones through serious stress. Ensure all important decisions can be made in regards to your welfare by appointing at least one key decision maker.
Additionally, once your estate plan is in place, you can’t just step back and treat it as a job done. These milestones, from having a child to marriage, should also be treated as important reminders to update your plan.
Each time there is a life event that either increases your personal wealth, or impacts how you want your assets to be distributed upon your death you should seek to immediately alter your estate planning to reflect the change.
Contrary to popular belief, estate planning is not just setting out where and how your assets are to be passed on to your loved ones. It is also about getting a better idea of your financial situation, to help you to better enjoy life, safe in the knowledge that your loved ones are covered for.
Start Estate Planning Today
Contact us today to receive a specialist service designed to make the process of planning your estate as simple and stress-free as possible.
The Unregulated Estate Planning Industry: Just Wills and Legal Services' Commitment to Excellence When it comes to estate planning, where individuals prepare for the inevitable and safeguard the interests of their loved ones, one might assume there’s a high level of regulation to ensure the utmost professionalism and competence, similar to financial advice. However, it may come as a surprise to many that the estate planning industry in the UK is largely unregulated. In this blog, we will explore the state of the estate planning industry, the call for stronger regulation,
When picking Just Wills and Legal Services, you're making a wise decision that goes beyond the initial creation of your Will or Lasting Power of Attorney (LPA). It's the assurance that your wishes are not only carefully crafted but also securely stored for when the time comes. In this blog, we'll explain the importance of proper document storage when it comes to estate planning, providing you with the knowledge you need to ensure your affairs are in order. Why Document Storage Matters Let's begin by emphasising the significance of storing your Will
At Just Wills and Legal Services, we believe in the power of legacy, the strength of family, and the importance of sound estate planning. That's why we are delighted to introduce you to Andy Price, our dedicated Sales Director. In the video below, you'll have the chance to hear directly from Andy about his remarkable journey, spanning from teaching to social work, probation officer, and eventually, his transition into the estate planning world. [embed]https://youtu.be/SU5EmMNcQQU?si=v8Oh2_cijvLPROwL[/embed] Andy's diverse background is a testament to the versatility and inclusiveness of the estate planning industry. He has
Is Estate Planning the Same as a Will?
It is a common misconception to believe that a will and estate planning are the same thing. Writing a will is in fact not the same as estate planning, but merely a part of the estate planning process. Estate planning covers significantly more than just your last will and testament, including considerations for your healthcare and burial to name a couple of examples.
How Can Estate Planning Be Seen as a Gift?
One of the most effective methods of bypassing significant inheritance tax sanction on your benefactors is to give gifts in advance. Everytime you give something away your estate reduces in value, potentially allowing you to reduce your estate beyond the insurance tax threshold.
For gifts to be eligible for tax exemption however, they must be seen as true gifts — meaning that there can be no conditions on giving them away.
What Documents Are Needed for Estate Planning?
There are a variety of documents needed for estate planning to ensure that all bases are covered, that you and your loved ones are as safe and secure as possible, no matter what. Essential estate planning documents include:
- Last will and testament
- List of beneficiaries
- Lasting power of attorney documentation
- Letter of intent
- Digital asset trust
- Life insurance policies
How Much Does Estate Planning Cost?
At Just Wills & Legal Services we always try to keep costs to a minimum. We will discuss the more intricate details of the cost behind estate planning, as well as your wishes and requirements once you contact us.
How Does Estate Planning Work for Same Sex Couples?
In the United Kingdom, the rights of a same-sex couple have total parity with that of opposite-sex couples. This means that estate planning rules that apply for an opposite-sex couple should apply equally to all same-sex partners.
For a same-sex partner to be eligible to their deceased partners assets or funds, they must be in an officially registered civil partnership or marriage, just like for any other couple.