In her latest article, Laura Richardson explains why general estate planning should always go hand-in-hand with writing Wills in Braintree . . .
Whilst most of us are familiar with the idea of writing Wills in Braintree, many Essex residents are unaware of the basic principles and benefits of Estate Planning. Estate Planning can be a useful exercise for anyone, regardless of your current financial position. The main aim of Estate Planning is to assist you to make the most of your assets allowing for a comfortable retirement, while also ensuring that your chosen beneficiaries receive as much as possible from your Estate after you die.
Estate Planning can be broken down into five essential elements:
- Compile a comprehensive overview of your assets.
In order to get the most out of Estate Planning, you should assess the value of your Estate as it currently stands including property, valuables, investments, pensions and any savings you have.
- Consult a specialist to minimise Inheritance Tax implications on your Estate.
With the Inheritance Tax rate set at a whopping 40% it is no wonder that Estate Planning involves effectively managing your assets to lower Inheritance Tax liability on your Estate!
- Evaluate the future of your financial position and plan for your retirement.
It is never too early to calculate the potential costs for your retirement and plan for your financial future. Investments, pension planning and prudent spending are just some of the many ways in which you can protect your retirement fund.
- Consider other methods of financially benefitting your loved ones.
For example, having evaluated your finances you may wish to gift funds to loved ones during your lifetime. In certain circumstances these gifts are exempt from Inheritance Tax liability, making this a great way to minimise Inheritance Tax liability on your Estate.
You could also consider Life Insurance or Life Assurance. The benefit of an insurance policy pay-out is that they can often be paid out to a chosen person without being included within your Estate value thereby rendering the pay-out exempt from Inheritance Tax liability.
- Write a Will to formalise your wishes for your Estate after you die.
You are now in an excellent position to be able to complete the process of writing Wills in Braintree to formalise and bring together many aspects of your Estate Planning and capitalise upon available methods to reduce the Inheritance Tax liability of your Estate.
As you can see writing Wills in Braintree can be considered to be the final and most important step of Estate Planning! The laws surrounding Estate Planning and Inheritance Tax are complex and therefore to ensure that writing Wills in Braintree legally maximises the benefits of Estate Planning it is important to consult with a specialist in order to avoid costly errors. Andrew Douglas Wills & Legal Services work with trusted partners in order to ensure that our clients receive a comprehensive Estate Planning and Will writing service.
What is more, whether you live in Braintree, Essex or anywhere else throughout England and Wales, we are currently offering all of our clients a COMPLETELY FREE AND FULLY REMOTE CONSULTATION during the Covid-19 pandemic.
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