This is the process of anticipating and arranging for the management and disposal of your assets during your life and at and after your death, whilst minimising tax.
Estate planning also includes planning for incapacity so someone you trust can deal with your affairs if you get to a point in life where you can no longer act for yourself.
Other areas of Estate Planning are reducing or eliminating uncertainties over the administration of your estate on death and maximising the value of the estate by reducing taxes and other expenses.
The ultimate goal of estate planning is determined by your own the specific goals and priorities.
Good estate planning should include
- Instructions for passing on your assets
- Naming a guardian and a trustee for your minor children.
- Making provision for your family members with special needs without disrupting government benefits or leaving them open to financial abuse
- Providing for your loved ones who might be irresponsible with money, or suffer with addiction issues or who may need future protection from creditors or divorce.
- Passing on your business at your retirement, disability, or on death.
- Minimising the taxes, court costs or unnecessary legal fees.
- Making instructions for your care if you become incapacitated through accident or illness.
Estate planning is for everyone.
No one can successfully predict how long we will live and illness and accidents happen to people of all ages.
Estate planning is not just for the wealthy, good estate planning often means more to families with modest assets, because they can afford to lose the least.
Many of us don’t plan
There are lots of reasons why you don’t plan
- You think you don’t own enough
- You are too young to think about it yet
- You are too busy
- You have plenty of time left
- You are confused
- You do not know who can help
- You don’t want to think it.
- Then, when something happens and your family has to pick up the pieces.
If you fail to plan the law has one for you!
If you lose capacity through accident or illness and you own assets and you become unable to conduct financial dealings due to mental or physical incapacity, only a court can appoint someone to deal with your affairs.
Then the court not your family will control how your assets are used to care for you. It can be expensive and time consuming,
If you die without a Will your assets will be distributed according to the Laws of Intestacy. If you have minor children the court will control their inheritance.
If both parents die before your children are 18 the court will appoint a guardian without knowing whom you would have chosen.
The best time to plan your estate is now.
None of us really likes to think about our own mortality or the possibility of being unable to make decisions for ourselves. This is exactly why so many families are caught off-guard and unprepared when incapacity or death does strike. Don’t wait. You can put something in place now and change it later…which is exactly the way estate planning should be done.
The best benefit is peace of mind.
Knowing you have a properly prepared plan in place – one that contains your instructions and will protect your family – will give you and your family peace of mind.
Call now on 01869 226760 or email email@example.com to make an appointment that’s convenient for you either in your own home or at our office 10 Crown Walk Bicester Oxon OX26 6HY
Just wanted to let you know how happy I am with the service provided by Bicester Wills, in the sensitive handling of my Will.
Your service has been exemplary. You handled my situation in a professional, knowledgeable, yet friendly manner that far exceeded my expectations. Nothing ever seemed to be too much trouble to you and I was made to feel unique