When will writers talk about estate planning, they are simply acknowledging the additional activities that go hand in hand with writing your will to ensure that your final wishes can be met simply and effectively.
By undertaking planning and administration in life, you can eliminate any uncertainty around your legacy and the distribution of your estate – simply everything that you own. Addressing these issues now can ease the burden of probate for your grieving loved ones and give you peace of mind.
Often the questions we need to ask to write your will can be the catalyst for other activities. For example, you will be asked detailed questions about your finances – pensions, insurance policies, stocks and savings. This may prompt not only the collation of this information for your executors but also a wider financial review. Is your wealth working for you?
For anyone with a possible death tax liability, calculating that liability now may allow for mitigation of all but the minimum amount payable. Life insurances and other policies are available to allow you to cover that liability and ensure that your beneficiaries receive what you intend.
Estate planning is not just for the wealthy or retired, although it obviously becomes a more pressing issue as we age. Even if your assets are modest, it is important to maximise them for your beneficiaries with some careful planning.
Don’t be caught unawares from an inevitability, the best time to start estate planning is now….