Estate Planning Steps

In order to ensure that on your death your wealth is distributed in line with your wishes, it is essential you make arrangements.  Consider the following steps in organising your estate plan:

Talk openly with your family about what you would like to happen on your death. The subject of dying and inheritance is often viewed as a taboo subject in families, but unless those conversations take place, it may be difficult for family members to understand your requests.

Write a will – a will is a way for you to legally express how you want your assets to be distributed on your death. Astonishingly, around 60% of adults in the UK have not written a will. Ensure it is kept up to date.

Create a will trust – a will trust only becomes effective when someone dies and is a way for assets to be protected and distributed to beneficiaries in the future.

Write policies in trust – ensure any life assurance policies are written in trust. This will enable the money to be passed on to beneficiaries immediately without having to wait for probate.

Make gifts during lifetime – you can use your annual gifting allowance of £3,000, or can use a number of trusts to pass money on tax efficiently. You can also pass on family heirlooms during your lifetime.

Trust planning – if you value control and certainty over how your wealth is distributed, combined with possible inheritance tax advantages, trust planning should be considered. There are a wide range of trusts to choose from which have varying levels of access, flexibility and inheritance tax efficiency to suit your needs.

When you have worked hard to acquire wealth, or have been fortunate enough to inherit some family wealth, the natural instinct and desire is to protect that wealth for future generations. Let us know if you need some assistance, it’s our bread and butter.

Call 0117 363 6212 or email office@haroldstephens.co.uk to see how we could help you organise your estate plan today.