UK Estate Planning

Estate planning is the set of activities you undertake to ensure that as many of your assets pass to who you would like on death rather than go somewhere else.

Many people think if they do not have a Will their assets will just end where they want them to go.  This is not the case. Having no Will actually means the government laws of intestacy will be applied. In a worst case scenario this may mean the taxman may end up with the total value of your estate, all of your assets. Something we are sure the majority of us would like to avoid.

A good estate planning process will not only ensure your affairs are in order for your loved ones after you have gone but will also ensure you have the protection in place while you are alive.

Where do you start?, We offer a free initial in home consultation but you will need to think about a few things first. The following checklist is designed to start you thinking about the estate planning process.

• Do you know the total value of all your assets?

• Do you know the total value of all your liabilities?

• Do you know what will happen if you and your spouse die at the same time?

• Do you know who will care for your minor or disabled children?

• Do you know what your children from a prior marriage will receive?

• Do you and your spouse have up-to-date Wills?

• Will your estate have to pay inheritance tax when you die?

• Do you know who your beneficiaries and your executor are?

• Will your executor be able to easily value your estate?

• Do you have a central point with information on bank accounts, stocks, shares, other investments and liabilities?

• Do you know how all of your assets are titled and where they will go?

• Do you know who will handle your financial affairs if you become mentally incapacitated?

• Do you know who will make welfare decisions on your behalf if you become mental incapable?

• Do you and your spouse have an Enduring or Lasting Power of Attorney?

• Do you and your spouse have a Living Will?

• Do you and your spouse have an Advanced Directives.

• Do you know who will receive your life insurance benefits?

• Do you know who will receive your retirement benefits?