What is Estate Planning?

Estate Planning is the process of anticipating and arranging for the management of your assets after you have passed away or once you have lost capacity. Whilst the topic may seem morbid, Estate Planning is essential to guarantee that your final wishes are honoured and your loved ones are provided for.

Effective Estate Planning begins with a Will, which outlines how you want assets to be distributed amongst beneficiaries like family members or charities once you have passed away. It also allows you to name an Executor to carry out these final wishes.

Effective Estate Planning also starts with Lasting Power of Attorney. You should name attorneys to handle financial and medical decisions on your behalf, if you are unable to do so.
Additional documents like Advance Directives clarify your end-of-life wishes regarding life support or resuscitation.

Why Estate Planning is a Vital Component of your Financial Future?

Estate Planning is more significant than you may think. Let’s discuss some of the reasons why it is important.

Firstly, it ensures the assets you’ve worked so hard for all your life are distributed according to your wishes. Without a Will in place, it is up to the laws of intestacy to determine how they will be distributed which may not be in line with your wishes.

Secondly, it provides for your loved ones by giving them the financial support they need. A Will can ensure that your assets go to the people you want to take care of financially.

Estate Planning can help protect your assets in the case of incapacity. A Power of Attorney can be made to ensure that there are persons legally able to manage your finances for you at a time when you can no longer do this for yourself.

Finally, it can save you money in Inheritance Tax.

What are the Different Aspects of Estate Planning?

There are a number of different aspects of Estate Planning including:

• Last Will and Testament – directs how your assets will be distributed after your death.
• Advance Directive – outlines your medical treatment preferences if you become incapacitated.
• Lasting Power of Attorney – grants decision-making authority to someone you trust in the event you are unable to make decisions for yourself in relation to both financial matters and health care decisions.
• Trusts – a strategic arrangement that enables you to manage your assets and take care of your loved ones after you pass away.
• Probate – the legal process required to distribute your assets after you have passed away.

What is Right for You?

Knowing which services fit your specific needs is a common challenge that millions of people face. It seems quite overwhelming but it doesn’t need to be that way.

To begin your journey, evaluate your personal situations by asking important questions such as:

• How old am I?
• What is my Estate worth?
• What’s my family situation like?
• Do I have any special requirements?

By coming up with answers to these questions, you can start the process in finding what best aligns with your needs. However, it’s always recommended to consult with an Estate Planning professional to go through your needs to ensure that you pick the services that are absolutely right for you. It’s an investment that will be invaluable in the long run.

How to Make a Will

A Will is a legal document that outlines how you wish your assets to be distributed after you have passed away. There are quite a few components of a valid Will but initially, you will need to:

• Be at least 18 years old.
• Have the required mental capacity.
• Be aware of your Estate and any person who may be able to claim against it.

How to Create Power of Attorney

Lasting Power of Attorney is a legal document that gives the person or persons of your choice the authority to make decisions on your behalf in the event you become incapacitated. To create valid Power of Attorney documents there are quite a few requirements but initially, you will need to:

• Be at least 18 years old.
• Have the required mental capacity.
• Understand the powers you are giving by creating LPAs.

How to Plan for Your Funeral

Planning for your funeral is an important part of Estate Planning. By planning your funeral in advance, you can ensure it is the way you want it to be and that your loved ones are not left with this burden in an already difficult time.

When planning your funeral you will need to consider:

• Would you prefer to be cremated or buried?
• Do you have a preference on the Funeral Director?
• Where would you like your funeral to take place?
• Do you have any specific wishes such as music, religious requirements or guest attire?

How MWQ Estate Planning Can Help

If you don’t have a plan in place, it is recommended that you consult with an Estate Planning professional to discover and discuss your options. MWQ Estate Planning offers free consultations to help explore the best options based on your circumstances. Contact us today to see how we can help.