By spending a little time now considering your options, you can ensure that your wishes are met.
No matter how substantial or modest your possessions and property may be, without proper planning one day there may be complications which could lead to high costs for your family and friends.
What is Estate Planning?
Estate Planning is the process an individual goes through in order to prepare the documents that will manage their estate (everything they own) and lay out their wishes in the event of incapacitation or death.
An estate can be defined as any property that you own, including any cash, jewellery, cars, the balances of any savings accounts and any other personal possessions as well as your home and any other property you have own or have a share in.
An estate doesn’t have to be a certain size as, no matter how large or small it may be, we cannot take our possessions with us.
There may be several reasons that you might want to plan what you would like to happen to your estate. Including;
- Ensuring that your belongings go to who you would like
- To future proof any changes that may happen within your family after your death
- To pay the least amount of tax on your estate
- Assign guardians to look after and care for your children if they are under 18* when you die
*If you reside in Scotland, this age is lowered to 16.
Estate Planning usually consists of several parts, including;
Lasting Power of Attorney
Estate Planning is not just for the retired. Unfortunately accidents can happen at any age and at any time and whilst we may not know what will happen, it is important to ensure that you and your family will be in the best possible financial situation should the worst happen.