The Cost Of Being Unprepared In Estate Planning
Estate planning is about you deciding what you would like to happen to everything you own on your death and how to provide for those you’ll leave behind. Ensuring your affairs are in order not only makes things easier for your loved ones but can also reduce inheritance tax and protect your estate for your beneficiaries.
The first step to estate planning is often to make a valid Will. A staggering 60% of adults in the UK don’t have one! If you die without this, your estate will be subject to The Rules of Intestacy which don’t take in to account your wishes.
An often-overlooked reason for preparing a Will is to make the estate administration process as clear and straightforward as possible.
Take time to choose the most appropriate executor(s) to deal with your estate. Faced with a wide range of actions required in the immediate aftermath of a death, and as executors are often close relatives, having this extra responsibility can provide another great stress at an already highly emotional time.
Do you have Lasting Power of Attorneys in place? Without appointing an attorney to look after your health and/or financial affairs, you and your loved ones lose the ability to make decisions about this if you lose capacity to make them yourself. Without an LPA, your loved ones may be faced with the costly and stressful route of dealing with the Court of Protection.
We can help you create an Estate Action Plan with a holistic view of your circumstances to ensure you have taken steps to be prepared to reduce costs and emotional strain for your loved ones.
As later life planning specialists, we offer more services than most financial advice firms to make life easier for you. We can help you with your Wills, Power of Attorney, Trusts, Investments & Pensions, Inheritance Tax Planning and Probate all under one roof.
To discuss how we can help you organise your estate and protect your assets, book your complimentary financial planning review with one of our adviser, by calling 0117 3636 212 or emailing office@haroldstephens.co.uk.