What is Estate Planning?

Estate Planning is an important step to take during your life. It can help you keep control of your financial and medical freedom in later life and make it easier for your loved ones to deal with your estate after your death.

Trust and estate planning is used to protect your estate for your beneficiaries, ensure that your wealth is passed on exactly as you intend it to be, and in some circumstances, reduce the amount of inheritance tax required.

There are many tools that can be used. Properly written Wills, Trusts, and Powers of Attorney can all be incredibly useful. 

The importance of estate planning

According to recent YouGov research, around 54% of adults do not have a will, and 59% of parents do not have a will or have one that is out of date. 

Regardless of your age or wealth, planning for your future can guarantee your wishes are followed and ensure your loved ones get the full benefit of your legacy. Taking the necessary steps and precautions during your lifetime can also eliminate any unnecessary stress that your loved ones may face in the future.

Writing a will is the best way to set out what you want to happen to your assets after you pass away and who will benefit from your estate. It will determine who is responsible for distributing your estate and prevent unnecessary stress and effort for your loved ones after your death.

Other steps can be taken to avoid your loved ones future stress and expense. Putting in place Lasting Powers of Attorney is a sensible measure because there is no way of knowing what might happen to you, so it makes sense to make arrangements while you are capable of doing so. 

Should you become physically or mentally incapacitated, it will fall to someone you want to look after your affairs and ensure you are looked after as you desire.

Don’t let the courts decide for you. If you are over 18, you can appoint a Power of Attorney to take care of your affairs in the event of an accident or disability. 

We offer a free no-obligation personalised report which tells you precisely what you should do and why. Simply click here to complete your free review. Don’t forget if you rather speak to one of the team, call us on 0161 676 5421


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