Estate planning doesn't have to be complicated. Just ask yourself
three simple questions. Who do you trust to make important
decisions? Who are you working hard to provide for? And do you
mind paying too much tax? Answer these three questions and you
are already well on the way to putting your personal and financial
affairs in order.
Completing a Will is the only way to ensure that your estate will be
distributed in accordance to your wishes. This simple document will
appoint your trustees, executors and guardians for your children. It will
also allow you the opportunity to make gifts and donations, and let you
have a say as to how your final farewell should be.
Intestacy
Until that day comes however, you should consider who would manage your financial affairs in the unfortunate event that you
are unable to make important decisions yourself. A Lasting Power of Attorney would allow you to nominate those you trust to
manage your affairs on your behalf. In the absence of this document, the Court of Protection will initially assume responsibility
for all of your financial affairs. Should you wish to nominate someone whose judgement you trust, you need a Power of
Attorney.
There are also countless benefits to setting up a Trust. Whether you are concerned about your inheritance tax liability, or want
to leave a legacy for your loved ones, trusts can both shelter your assets from taxation and ensure your loved ones are
financially secure. Anyone whose assets exceed their nil rate band should consider a trust, as should anyone in a complex
family structure or responsible for a vulnerable person. Even if you have a life assurance or a pension plan you should consider
putting the plan into trust. This way, the proceeds of your policy will go to your loved ones and not to the tax man.
Registered Address: SMT Wills Trusts & Probate Ltd, 2 Highams Hill, Gossops Green, Crawley, West Sussex RH11 8BS