Cheltenham Wills: Cheltenham based professional will writing service

What is Estate Planning?
Estate planning is the name given to the process of accumulating money, property and wealth over a lifetime – then disposing of the estate when you die, precisely in accordance with your wishes. The main aim of estate planning is to maximise wealth for yourself and your heirs using a mix of asset management, investment, taxation reduction, pension, insurance and other strategies. Typically our clients wish to ensure their children are provided for should they suffer incapacity or die - possibly inconveniently at the same time as their partner or spouse.

Why Estate Planning is important
Few of us like to think about dying, but equally few of us could live with the thought that we haven’t made adequate provision for family and friends who survive us. Every year, many families go through unnecessary nightmares simply because they didn’t know about or believe in estate planning.

The legislation that governs passing on your estate to your chosen beneficiaries requires planning well in advance. Since none of us knows when we’ll die, this means making necessary provisions now. Fortunately, more and more people are realising that estate planning is an essential part of lifetime financial planning and is one of the most important things you’ll ever do for yourself and your family.

The earlier you make the arrangements, the greater your chance of taking full advantage of the tax opportunities available and thereby maximising the amount that goes to your beneficiaries. Equally important is that you make adequate provision for yourself and your spouse in your later years. Achieving this balance calls for considerable skill and foresight - and a detailed knowledge of the changing tax regime.

The legacy you preserve for your loved ones
Everyone has the opportunity to decide the kind of legacy they wish to leave to their loved ones - even if assets are modest. Often, loved ones can be left to struggle with dozens of questions, legal issues or pay unnecessary taxes. Instead, you can create an estate plan to ensure your assets are passed along with no problems and minimal taxes.

Estate Planning is also important to avoid family squabbles and grief after you're gone and to prepare for incapacity in your later life. It’s especially important for business owners. Without estate planning, your beneficiaries will get less and they’ll get it later.

Maximise both wealth and income
As well as seeking to increase the value of their capital wealth over the years many clients overlook the importance of adequate income needs - this applies during their own lifetime and after their death for their spouse and family. This can be provided as part of good estate planning by ensuring adequate pensions and life insurance are in place.

Another consideration is if you and your spouse should die before your children grow up. This can be covered in your Will by nominating personal guardians and assuring your children's education and upbringing.

Estate Planning methods.

There are many aspects involved in estate planning – many cloaked in detailed legislation. Investment, pension, insurance and borrowing decisions at various ‘life stages’ help to build the estate while at the same time provide necessary and required income during a lifetime. All aspects are interlocking but complex – needing professional guidance and advice at every step. Your Will is the foundation cornerstone of your estate plan. It allows you to choose your beneficiaries and ensure that each gets exactly what you want.	Inheritance Tax Planning Inheritance Tax (IHT) is a major concern for many of our clients; especially with the rise in UK property prices and more estates falling within the IHT threshold. Without proper tax planning, people can end up leaving a substantial tax liability on their death, considerably reducing the value of the estate they pass on to chosen beneficiaries. Minimising the tax liability and maximising what is passed on calls for considerable skill and judgement - and a detailed knowledge of the regularly changing IHT rules and regulations. When you minimise Probate taxes, you can pass along more and hand the government less!
Elements of Estate Planning include making a will various types of trusts beneficiary designations powers of appointment for your executor(s) and Trustee(s) various forms of property ownership (Joint tenancy with rights of survivorship, tenancy in common etc) gifting living wills powers of attorney	Get your property to beneficiaries quickly This can be achieved through insurance, joint tenancy, a living trust or other means. Trusts Trusts can provide some key advantages in an estate plan to protect assets, reduce capital gains upon death and speed transfer to your beneficiaries. Trusts come in many guises some allowing deferral of taxes and others a splitting of income to reduce taxes. They can also allow you to reduce the costly process of Probate (administering the estate).
Plan for easier retirement years . It’s sensible to coordinate your estate plan with retirement, health care and other benefits to help you achieve the most comfortable final years whilst still providing for your loved ones. Provide for other relatives who need help and guidance You can establish a special trust fund for family members who may need support such as an elderly parent or disabled child, or a grandchild whose education you want to assure. Plan for your incapacity You can protect your loved ones with a Living Will. Family Income and Permanent Health insurance should become disabled and be unable to work.	Plan your Funeral arrangements Ease the burden on your grieving survivors by planning your funeral arrangements including your wishes for cremation or burial and the giving of organs to medical science. Help a Charity Your estate plan can help support your favourite charitable causes, either during your lifetime or upon your death, and at the same time take advantage of tax laws designed to encourage planned giving. Make sure your business goes on smoothly If you have a small business, you can provide for an orderly succession and continuation of trading affairs by spelling out in your will what will happen to your interest in the business.
How Cheltenham Wills can help You can shelter your family from life's little surprises with some careful financial planning. Cheltenham Wills can work with you to develop these plans, and check they remain relevant with regular reviews. Our ‘one stop shop’ concept offers a personal ‘lifetime’ Estate Planning Service that includes: Arranging and organising all aspects of will writing with regular reviews Advising on use of exemptions and lower tax rates on lifetime transfers Optimising lifetime transfers between spouses Dealing with transfers of agricultural or business property Transferring assets into all types of trust Arranging adequate, Pension, Investments, Healthcare and life assurance to cover potential inheritance tax liabilities Why not begin your estate planning right away by contacting Cheltenham Wills for a preliminary review of your circumstances.