What is estate planning and how can it benefit me?

Over the past year or so, with the uncertainties created by the Coronavirus pandemic, we have been inundated with requests from clients asking us to assist in finding bespoke estate planning solutions.

Estate Planning

Estate planning, in order to minimise the amount of inheritance tax on your estate, can be carried out both during your lifetime and after you have passed. Estate planning during your lifetime can involve gifting, trusts and powers of attorney. You can also set up tax efficient Wills to try to minimise the amount of inheritance tax that your estate may be liable to pay. When you have lost a loved one, who has died with or without a Will, there may be ways to reduce the amount of inheritance tax payable by using post-death planning tools such as deeds of variation.

Benefits of Estate Planning

There are a number of benefits of estate planning:

• It helps you plan ahead for uncertainties that life can throw at you, for example if you lose mental capacity and need someone you trust to manage your health and financial affairs;
• It focusses your mind on your priorities for dealing with your hard-earned wealth, both during your lifetime and after death;
• It can minimise the amount of inheritance tax payable by your estate.

Estate Planning Lawyers

No two estate planning solutions are the same. Our Private Wealth Team are here to help you assess your individual circumstances and help you plan for the future. Please click here to contact us and see how we can assist you.