It is never too early to start thinking about making plans for your family’s future. It makes no difference how large your estate is; everyone should have a Will in place. However, Estate Planning entails more than just making a Will, as you may wish to consider trusts, asset gifting, and Power of Attorney.

If you have a spouse and/or children, it is critical that you seek legal advice before making a Will to ensure that your assets pass to the people you want but also to ensure that your children are looked after in the event that you pass away.

If you own a business, it is critical that you put the proper procedures in place to ensure that your business or share of the business is taken care of in the future.

Without the proper planning for your Estate, it may be subject to Inheritance Tax upon your death. The current single-person threshold is £325,000 and where there is a main residence passing to direct descendants there is an additional threshold of £175,000; anything above this amount is taxed at 40%. Of course, depending on your circumstances, there are additional amounts to claim and exemptions available. It is critical that you seek legal advice on this as Estate Planning during your lifetime can reduce the impact of Inheritance Tax payable on your death and ensuring that your loved ones are catered for.

If you do not make a Will, your estate will pass according to intestacy rules and will be beyond your control.

Decisions like these are frequently avoided or postponed due to the emotional implications they entail, particularly in the current climate. Our expert team can guide you through the process, making such decisions easier and providing you with the reassurance you require. We have found that the majority of our existing clients, whether creating Wills, Power of Attorney or any of our other services, they say that they feel as though a weight has been lifted off of their shoulders. Get in touch with us today to get the process started or for some advice on 0800 090 3051.