Estate planning is an essential process to ensure your assets, legacy, and loved ones are protected after your death. A thorough and complete estate plan provides clarity, minimises disputes, and ensures your wishes are carried out.
Without a proper estate plan, your estate could be subject to delays, taxes, and complications that could have been avoided. We’re here to support you every step of the way, offering expert guidance to make the process straightforward and stress-free.
Your Will
- Appoint Executors: Choose trusted individuals or professionals to manage your estate. We can guide you in selecting the right executors to ensure smooth administration.
- Name Beneficiaries: Clearly state who will inherit your assets.
- Guardians for Minor Children: Specify who will care for your children if needed.
- Specific Legacies: Include personal items, sentimental belongings, or gifts to charities Clearly describe any personal items to ensure the gifts do not fail.
- Residuary Clause: Outline how the remaining balance of your estate assets should be distributed after the payment of any debts and expenses.
Creating a legally sound Will can be complex. Our experienced solicitors can draft or review your will to ensure it reflects your wishes accurately.
Power of Attorney
- Lasting Power of Attorney (LPA) for Property and Financial Affairs: Appoint someone to manage your finances if you lose capacity.
- Lasting Power of Attorney (LPA) for Health and Welfare: Appoint someone to make medical and care decisions on your behalf.
- Setting up LPAs is crucial for future-proofing your financial and healthcare decisions.
We can advise you on all aspects of the appointment of attorneys and what restrictions and conditions may be imposed on those attorneys and simplify this process for you.
Trusts
- Consider Trusts for Inheritance Tax (IHT) Planning: Protect assets for beneficiaries and manage tax exposure.
- Children’s Trusts: Set aside funds for minors until they reach a specified age.
- Discretionary Trusts: Provide flexibility for beneficiaries with specific needs.
Ensure existing trusts are registered with HMRC and the details registered are up to date.
Trusts can offer significant benefits but require careful setup. Our team can help you choose and establish the right trust structure for your estate and help you manage your obligations under trust law.
Beneficiary Nominations
- Pensions: Ensure your pension death benefits are allocated correctly by updating your nomination forms.
- Life Insurance Policies: Check and update your beneficiaries.
Consider nominating or writing your life policies in trust.
We can assist in reviewing and updating these nominations to align with your overall estate plan.
Inheritance Tax (IHT) Planning
- Understand the Nil Rate Band (NRB) and Residence (RNRB): Maximise available tax-free allowances.
- Use Gifting Allowances: Make use of annual exemptions to reduce your taxable estate.
- Plan for Agricultural or Business Property Relief: If applicable, understand how these reliefs work for your assets.
Proactive planning can reduce IHT liabilities. Speak to us for tailored advice to protect your estate for future generations.
Property Ownership
- Review Joint Tenancy or Tenants in Common Agreements: Ensure property ownership aligns with your estate plan.
- Review any declarations of Trust you have in place relating to your property ownership.
- Review the contributions by any joint owners of properties and ensure the ownership reflects your wishes.
- Considering Downsizing or Selling: Plan for the future value of property and assets and consider how this will affect your tax position.
Understanding property ownership options is key to effective estate planning. We can guide you through the nuances of joint ownership and inheritance implications.
Digital Assets
- Create a List of Online Accounts: Include login details for social media, subscriptions, and cloud storage.
- Clarify Access and Management Instructions: Specify how these should be handled.
We can help you navigate this emerging area of estate planning.
Funeral Wishes
- Funeral Preferences: Burial or cremation, specific services, or donations in lieu of flowers.
- Prepaid Funeral Plans: Consider if one would be of benefit in your circumstances.
While not legally binding, recording your funeral preferences can ease the decision-making process for your family.
Letters of Wishes
- Supplement Your Will: Offer guidance to executors, trustees and guardians for informal preferences.
- Personal Messages: Write letters for family or friends to share your thoughts and wishes.
We can advise on crafting these non-binding but meaningful documents.
Business Succession Planning
- Nominate Successors: Ensure continuity of leadership.
- Update Articles of Association or Shareholder Agreements: Ensure that your current structure reflects your succession wishes.
Consider the future of your business and its financial wellbeing and any insurance that is in place.
We can provide expert advice on preserving your business legacy.
Review and Update Regularly
- Life Changes: Update your plan after major events (marriage, divorce, new children).
- Asset Changes: Ensure all new assets are covered.
Periodic Review: Check every 3-5 years to keep your plan current.
Estate plans evolve as your life changes. Let us help you ensure your plan remains relevant and effective.
Start Planning Today
Building a comprehensive estate plan is a vital step in securing your family’s future and protecting your legacy. Our team of experts is here to support you in creating a plan that meets all your needs.
Contact us today to get started.
📞: 01664490449
📧: hello@atterburypayne.co.uk