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Estate Planning

Estate planning is quite simply the process of preparation and planning for the estate that you will leave behind after your death, so as to best mitigate the effects of any applicable inheritance tax and to provide for your family and loved ones after you have passed away.  It is about making sure that your wishes for your assets and inheritance are followed after your death, and includes such matters as:

  • Your will.  Perhaps the most important part of estate planning, a legal will clearly indicating your wishes for what is to happen to your estate is essential to avoid dying intestate and to providing for your chosen beneficiaries.
  • Inheritance tax.  Inheritance tax can be mitigated with careful planning, through use of techniques such as discretionary trusts, life assurance, gift exemptions and potentially exempt transfers.  All of these can help reduce the total taxable value of your estate, to protect your assets and to convey them to your beneficiaries with the minimum taken by the taxman.

It is worth starting on estate planning well in advance, so that you can undertake any necessary steps in time for your death.  This is particularly true for inheritance tax, as there is a seven-year period for many gifts and transfers after which they become exempt from the tax if you survive for the full seven years.

For estate planning and inheritance tax matters, get a free first consultation with no obligations.  All you have to do is fill out the online enquiry form we provide, and you'll be put in touch with qualified UK financial consultants who can provide expert advice on your situation.

Disclaimer: Every effort is made to keep the site accurate, however please bear in mind that tax rates are subject to change. If you require tax advice you should speak to a professional tax adviser.