Many people mistakenly believe that estate planning is something that only people with high net worth need to worry about. Estate planning offers benefits for people of many income levels, both for ensuring that your wishes are followed and minimising the taxes that are due on your estate. SCL Wills and Probate provides services for estate planning in the UK.
Estate planning allows you to convey what you want to happen in the event of your death. It is helpful for the people in your life to fully understand your wishes, and makes a difficult time easier for families. Your estate includes all of the assets you own, including your house, investments, savings, life policies, vehicles, and all other property and assets.
UK tax law frequently changes and the laws regarding inheritance tax should be carefully considered in the process of creating an estate plan. Our estate planning solicitors are knowledgeable about current UK tax law and stay informed of all changes to the law to provide the best advice for our clients.
Using Trusts in Estate Planning
One of the methods often used in estate planning is setting up trusts. Establishing a trust creates a legal entity to control assets for the benefit of the recipients of an estate. There are a few different types of trusts that can be created in the estate planning process. The best type of trust depends on your specific goals. Our solicitors can explain the different types of trusts that are available to help you make the right decisions for your estate.
Trusts are used to protect assets from financial threats. Placing your savings, life policies, investments, and other assets into a trust can be an important part of thoughtful estate planning. The trust can ensure that your estate passes to your intended beneficiaries. It may be possible to reduce the inheritance taxes that must be paid on the estate when assets are placed in a trust.
An important step in setting up a trust is choosing one or more trustees to take responsibility for the assets included in the trust. This person will be responsible for managing the assets. Consider who you want to have access to the money and assets in the estate, who should manage the trust, and how the trust will look after the people you intend to inherit your estate.
Get Estate Planning Advice
Depending on the size of the estate, you may want to seek legal advice from a solicitor, as well as a financial advisor. If you have a large estate, a financial advisor can help you make important financial decisions for your family’s future. This will give you peace of mind and allow your loved ones to carry out your wishes, and possibly minimise inheritance tax.
A good place to begin is to create a list of all of your assets, as well as your debts. Record the gifts that have been bestowed on your loved ones in the prior seven years to minimise the tax on your estate. Our solicitors provide a level of service that is tailor made for your needs. We can guide you through the process and offer advice and suggestions to help you create an estate plan that will accomplish your goals.