What is an Estate Plan?
An estate plan consists of three elements:
- Everyone who has children, or owns property should have a valid up-to-date Will.
- If you do not, your Will is determined by statute and is very unlikely to meet your wishes.
- Everyone should have Lasting Powers of Attorney (LPA).
- There are two types. One that deals with property & finance, and one that deals with health & welfare.
- For more information see our LPA Fact Sheet.
- Trusts are used to protect your wealth and ensure it goes to your chosen beneficiaries at the right time.
- There are two main types. One you use in your Will, to give you some basic protection and certainty, and one set up now that provides you with the maximum protection and certainty.
Why It's Important To Consider Estate Planning
It is the most natural desire in the world – to pass on your hard-earned assets onto your family and loved ones.
But before that’s possible, there are legal costs, delays, tax authorities, potential former in-laws, creditors and local authorities eyeing up your estate.
We now have far more assets than ever before and at the same time families have become increasingly diverse and complicated. The threats to passing assets down our bloodline have increased;
One hundered years ago divorce and remarriage was rare and people retired at 65.
This combination of increased personal assets, together with the new threats of modern society means that estate planning should be a vital part of your financial planning toolkit if you own property and/or have children.
Put simply, having a basic Will is no longer likely to achieve your wishes.
You can avoid all of the threats to achieving your wishes, by putting in place a bespoke estate plan for you and your loved ones.
The foundations are the Will and Lasting Powers of Attorney, on top of which you can build your estate planning to protect and preserve your wealth.
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