Estate Planning | Independent Financial Advice

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Protect Your Wealth & Provide For Your Loved Ones With Our Estate Planning Service

It’s vitally important to ensure your wealth is protected, your wishes are carried out and your loved ones are financially provided for when you’re no longer here. By creating a comprehensive estate plan, you can maximise the amount left to your loved ones and minimise any potential legal disputes too.

It’s a common misconception that the process of estate planning is only for the wealthy, but that isn’t the case. If you have any savings, own any properties or have any investments, carefully planning your estate is a must. From creating your will and setting up trusts to minimising inheritance tax (IHT) liability and appointing a lasting power of attorney (LPA), estate planning involves many important steps that will help to ensure your assets are safe and distributed as per your wishes.

Without proper planning, your estate could be hit with unnecessary tax bills, delays during the probate process and potentially legal and family disputes, all of which cause stress and upset during an already difficult time for your loved ones. By creating a plan that expresses your exact wishes upon your passing, you’ll make the process smoother for everyone involved.

We understand that ensuring your estate is planned effectively can seem rather overwhelming from the outside. However we sit down with you to understand your situation, your family setup, the assets you have and your specific wishes. We’ll assess everything and work together to create a tailored strategy that utilises our extensive financial expertise to ensure any financial liabilities are reduced too.

We’ll always talk to you honestly, breaking down any jargon so you understand all aspects and always feel in control throughout the estate planning process. We also offer an ongoing service to ensure your plan is kept up to date in line with changing laws and personal circumstances too. We’re here for you every step of the way.

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With over 30 years of experience when it comes to estate planning, we’re here to help with whatever you need.

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Estate Planning: What To Consider

Inheritance Tax

Inheritance tax is generally payable on the value of your estate after you pass away if it’s worth more than the inheritance tax (IHT) threshold. This currently sits at £325,000. You may also have to pay inheritance tax if your estate isn’t going to a spouse, civil partner or other exempt beneficiary such as a charity. We’ll advise you how to minimise this cost as much as possible.

Creating A Will

It’s rather important to create a will so that in the event you pass away, your estate is divided how you desire and goes to the beneficiaries that you’ve determined. From who gets the house to the beneficiaries of any other gifts such as savings or possessions and if they have to fulfill conditions to receive them. We’ll work with you to create a comprehensive will that takes all your wishes into account.

Later Life Planning

Nobody knows what’s in store for us in the future, however we can all do our very best to plan for a rainy day so to speak. Potential care home costs in later life can erode away your estate over time if not carefully planned for. We’ll create a strategy that structures your assets and takes care home fee planning into account, in case you ever should need to have the funds in place.

Funeral Arrangements

As part of the estate planning process you can even consider and leave instructions for funeral arrangements as part of your will making process. After all, along with taxes and any debts, your funeral costs are one of the very first costs that your estate funds will likely cover. Whilst the wishes won’t be legally binding, your loved ones will hopefully respect them.

Managing Your Digital Estate

Becoming more and more a common occurrence (and for good reason), people are realising they can also leave behind digital assets such as your carefully curated music collection or family photo album. Not only that, but you can also instruct family members how to manage your social media accounts after you pass away too.

Power Of Attorney

Setting up power of attorney is a potentially, very powerful decision that can help to ensure your estate is well protected and is distributed along with your wishes if you ever were to run into any mental incapacity issues. It’s a legal document that allows you to appoint one or more people to either help you make decisions or even make decisions on your behalf.

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What To Expect

1

Get In Touch

Let us know your specific requirements either via our online form, email or a phone call. The more details we know, the sooner we can start to help.

2

We’ll Assess Your Needs

Our team of experts will review and assess your specific requirements, allowing us to understand your situation and how we can help.

3

Advice Tailored To You

One of our expert financial advisors will be in touch to work with you, providing bespoke advice and a tailored estate planning strategy for your needs.

How We Can Help

Estate planning can be a complex and at times, stressful process. There’s lots to consider and many big decisions to make, many of which you may be unsure which is the best route to take. That’s where we come in. We’ll sit down with you to understand your current situation when it comes to finances, family and your wishes when it comes to who inherits your assets, who executes your will and even your funeral arrangements.

Our experts are on hand to assess, strategise and carry out many aspects of the estate planning process, from the creation of your will to advice on how to minimise any inheritance tax that may be due on your estate. Our impartial advice, comprehensive research and expert strategies are all designed to provide you with the very best advice and service when it comes to the planning of your estate upon your passing.

FAQ’s

What Is Estate Planning?

Estate planning is essentially the process of working out how to distribute your assets upon your death. As part of the process, you can also appoint a power of attorney in case you can’t make decisions for yourself later in life and put plans in place to reduce any inheritance tax that may be due.

As part of the estate planning process you can create and update your will, set up trusts to keep your assets safe until the time comes to pass them onto a beneficiary and even potential gift to charitable organisations to help reduce your taxable estate.

What Is Inheritance Tax and How Does It Work?

Your ‘estate’ is made up of the value of all your property, possessions and money across your bank, savings and investments, minus any debts or liabilities. When you pass away, depending on the value of your estate and other variables, such as the allocation of your assets, you may need to pay inheritance tax on your estate.

The standard rate of inheritance tax is paid at 40%, however, it’s only charged on any part of your estate that’s above the tax-free inheritance tax threshold, which is currently £325,000. However, there are ways to either avoid paying all or some of the inheritance tax that may be due by making decisions as part of your estate planning process.

For example, you may not need to pay inheritance tax if everything above the inheritance tax threshold is left to your spouse, civil partner or even an exempt beneficiary such as a charity. Plus, if you actually give away your home to your children or grandchildren, your tax free threshold could even increase to £500,000.

Not only that, but whilst the Nil Rate Band (NRB) is fixed at £325,000 until 2026, yours may increase if your wife or husband sadly passes away, as any unused NRB can be transferred to the survivor in such cases, potentially doubling the available tax free amount available to you up to £650,000.Whilst on the surface, inheritance tax may look fairly straightforward, as you can see there’s plenty of aspects to consider to ensure you and your estate are in the best position when the time comes.

How To Plan For Second Marriage In Estate Planning?

From the latest data available, a fifth of all marriages in England and Wales are between partners where at least one of them have been married before. Whether their previous marriage ended in divorce or sadly due to the death of their partner, many of these couples will have children from previous marriages.

One of the more common questions we have is ‘how do I provide for both my children and any children from my new marriage in a fair way?’ When it comes to fairness, only you and your partner can really decide on this, however we certainly recommend creating a brand new will once you remarry to consider this and all other financial aspects, ensuring everything is carried out as you wish after you pass away.

After all, blended family situations are rarely straightforward as there’s many variables to take into consideration, from the family’s overall assets and the age of all children involved to the age and health of each respective partner in the marriage.

Not only that, but did you know under current rules, your new spouse would be entitled to inherit most (if not all) of everything you own, potentially leaving nothing behind for any children from a previous marriage or relationship to inherit? That’s why it’s super important to get a new will in place to ensure your estate is handled in line with your and your new partners’ wishes as soon as you can when marrying for a second time.

What Are Trusts?

A trust is a legal arrangement where you transfer assets to a third party (trustee) to hold and manage for the benefit of either a specific individual or discretionary beneficiaries. These are known as the beneficiaries of the trust. Whilst a will dictates how your estate and assets are distributed after you pass away, a trust can operate whilst you are alive and well and even long after you pass away, protecting the assets within.

Trusts can protect your assets from a variety of risks, such as bankruptcy, divorce settlements or even beneficiaries themselves, who may not be quite ready yet to handle such large amounts of money in a safe and sensible way. Whilst there are aspects to consider, some trusts could even help to mitigate the payment of some (or any) inheritance tax that may be due after your passing too.

There’s even certain kinds of trusts such as ‘Life Interest Trusts’ that ensure both your spouse benefits from any assets during their lifetime after you pass away and your children then inherit any capital after they pass away.

It’s important when setting up a trust to choose a trustee that’s trustworthy, financially astute and also responsible enough to take on the responsibility that’s involved. Many people opt to use a combination of trusted family members and a professional trustee to ensure everything runs smoothly.

We can help advise and guide you when it comes to setting up a trust and choosing a trustee to hold your assets for you. Our financial advice is always tailored to you and your specific situation, giving you bespoke guidance during what can be a complex process.

What Documents Are Needed For Estate Planning?

There are a variety of documents that may be required when carrying out the estate planning process. Some of these documents may be created or updated during the estate planning process, whilst others you’ll have access to, prior to starting the entire process.

Your Will

Your will is an important legal document to ensure that all instructions are in place when it comes to the distribution of your assets so that everything can be carried out alongside your wishes after you pass away. We can help draw up your will if you haven’t created one yet or help to update the details as part of the estate planning process.

A Power of Attorney Document

This document is created by individuals who would like to officially grant a chosen person ‘power of attorney’ over their affairs and essentially make decisions for them on their behalf. This is often created in cases where mental capacity may become an issue further down the line. This is something we can help you to arrange and set up as part of our will writing service.

Financial & Bank Account Information

You’ll need to provide your financial advisor and solicitor with information regarding your bank account and any other financial interests you have so all the details can be included where required in both your will and as part of the estate planning process.

Real Estate Deeds

You’ll need evidence that you own the property assets you own and real estate deeds will go a long way to proving this, so make sure you have them on hand and always keep them safe and sound.

Insurance Policy Details

You’ll also need to share any insurance policy details you currently have in place. Especially for the likes of life insurance as incorporating that into your estate planning is an essential step to protect your assets.
New insurance policies can also be used as part of the estate planning process. Whether it’s providing for the family or covering an Inheritance Tax bill, there are insurance policies that can help.

Is Estate Planning The Same As A Will?

No, estate planning isn’t the same as making a will, however as part of the estate planning you may create a will or amend an existing will to reflect any changes due to your estate planning strategy. Estate planning is a comprehensive strategy that includes a variety of legal documents (including your will) to both manage and distribute your assets after you pass away.

These documents also help to make decisions regarding your healthcare and financial wishes if you should become incapacitated in any way, this is referred to as granting a power of attorney.

When Should You Start Estate Planning?

Estate planning is a vitally important process to ensure your assets are managed and distributed according to your wishes and that your loved ones are protected in the event of your passing. With that in mind, as soon as you acquire any significant assets or have any dependents that either rely on you financially or you’d like to pass assets onto in the event of your passing, you should look to start the process of estate planning.

Having a comprehensive estate planning strategy protects your assets, ensures care for young children, can financially protect your loved ones, potentially reduces any inheritance tax burden and minimises family disputes in the event of your death.

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Protect Your Wealth & Provide For Your Loved Ones With Our Estate Planning Service

Let Us Help

Estate Planning: What To Consider