Estate planning is the process of effectively managing the money, property and other possessions we accumulate during our lifetime, ensuring that we have appropriate plans in place to protect these both during our lifetime and after our death.
Everyone’s situation is different and the size, complexity and make up of an estate varies greatly between individuals.
Nevertheless, there are certain steps we all can take to protect ourselves, our loved ones and our wealth.
In this blog, our experienced Private Client solicitors consider the steps everyone can take towards effective wealth planning.
1. List your assets.
A useful starting point is to list one’s assets and their individual worth. Common assets include:
- Property.
- Pensions.
- Savings.
- Insurance policies.
- Personal possessions, for example, cars and jewellery.
You should also include any debts and liabilities such as mortgages and loans so that you can form a clear picture of the value of your estate.
Your ‘financial checklist’ should be supported by any relevant paperwork so that all the information is in one place and easily accessible.
2. Speak to a solicitor.
Once you have an accurate list of your assets and liabilities, ie. the composition of your estate, you should speak to an experienced private client solicitor.
Not only is everyone’s situation different but we all have different priorities and objectives. A specialist estate planning lawyer will talk through your family circumstances, your current financial needs and your long-term goals in order to establish the best way to protect your estate.
At Beverley Morris & Co. Solicitors, we take the time to understand your situation and tailor our estate planning legal advice to your needs.
Our friendly and professional solicitors will work closely with you to ensure that any estate planning solutions suit you and best protect your money and your loved ones.
To speak to one of our estate planning specialists about protecting your assets, call us now on 020 8852 4433 or email enquiries@beverleymorris.co.uk.
Seeking specialist legal advice from a solicitor at an early stage can also help reduce the amount of tax you may need to pay.
An estate planning specialist knows about the laws of inheritance tax and will utilise any available exemptions to mitigate the amount of tax payable on your estate. Trusts, lifetime gifts and charitable gifts can all help reduce your inheritance tax liability. An estate planning solicitor will explain what is right for you.
3. Write a Will.
An up-to-date Will is one of the most important legal documents a person needs and a necessary estate planning tool.
A Will not only ensures your estate is distributed according to your wishes but also makes it easier for your family or friends to administer your estate after your death.
Without a valid Will, your estate will be distributed according to the laws of intestacy (ie. rules that are laid down by the Government) and they may not be in line with your own wishes. Your family may also be left with a long, stressful process which could lead to disputes over inheritance.
With a well-drafted Will and appropriate legal advice, your beneficiaries may also benefit from your estate paying less inheritance tax.
4. Make a Lasting Power of Attorney (LPA).
An LPA gives one or more people the legal authority to make decisions on your behalf regarding your property, financial affairs or health and welfare in the event that you lose capacity to make decisions for yourself.
LPAs are not simply for the elderly. Mental or physical incapacity can hit at any time such as through an accident or an illness and it is worth planning ahead to ease the potential burden on your loved ones.
You can only make an LPA while you still have mental capacity. If you lose mental capacity without an appropriate LPA in place, a family member or loved one would have to apply to the Court of Protection to be appointed as your ‘deputy’.
Making an LPA in good time is a valuable insurance policy that safeguards your future and that of your loved ones.
Solicitors for Estate Planning Blackheath
Our private client solicitors at Beverley Morris & Co. have extensive experience in helping individuals and families address their legal needs.
Our specialist solicitors work with you to ensure you receive a joined-up, all-round approach to estate planning.
Beverley Morris & Co. Solicitors will ensure that all bases are covered and that you, your assets, and your interests are protected.
With offices in Blackheath, we have provided Wills, trusts, inheritance tax and estate planning services to individuals throughout London and the South East for many years.
To speak to our Estate Planning solicitors today, call 020 8852 4433 or email enquiries@beverleymorris.co.uk.