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.





Click here to see a chart of where your estate will go if you do not have a Will
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