What you need to know about Estate planning

What you need to know about Estate planning

If, unfortunately, you were to fall ill or become unable to make important decisions, who would you trust to look after your personal affairs? Who would you like to deal with the administration of your estate following your death? It is essential you ask yourself these fundamental questions when planning your estate.

Here are some things you’ll need to think through when doing so.

Powers of Attorney

To grant someone Power of Attorney, it is important that you appoint them as your chosen representative (attorney), who will assist you with managing your affairs if, for any reason, you need help either in the short or long term. Check out our blog on everything you need to know about Powers of Attorney.

Will

A will appoints your chosen representative – the executor – to distribute your estate in accordance with your instructions after you have passed away. If you do not have a will in place, your estate will pass under the intestacy rules, which could have serious consequences for how your estate is distributed. It’s crucial to know the importance of having a Will in place and what that means for you and your loved ones.

Inheritance Tax Planning

Estate planning and Inheritance Tax planning are both specific to your circumstances so please contact us to discuss the best way forward in respect of the assistance you may need during your lifetime and ultimately transferring your assets to your beneficiaries in a tax efficient way. Please read our IHT Planning fact sheet.

As circumstances change in our personal lives and, where applicable, our business needs, we recommend you check these documents regularly to ensure they continue to meet your requirements.

Contact us

For an informal chat about how we can help or for more information, reach out to Bruce Clarke on t. 01732 440 853 or via e. BruceClarke@rixandkay.co.uk, or our specialist Later Life Team and Wills, Estate Planning and Trusts Team provide expert advice for individuals.