Estate Planning: Our Guide to Protecting your legacy for future generations
We’ve included information here that answers some of the questions that our clients regularly ask.
What are your wishes?
Finance and Property
Have you considered who you want to leave any money and property to? Perhaps the family home or you might have an investment portfolio of property or other assets? irrespective of the value of your financial assets, you will need to leave detailed instructions for how they’re to be distributed, and to whom.
To get started record everything that you have, and make a note of who you may wish to leave things to. Your notes will help you through the process and you won’t miss anything when you create your will. You can revise your will throughout your life to reflect changes.
We all hope to live a long, healthy life. But sometimes that is taken from us too soon. There are other considerations besides money and possessions. Provision for your children can be included in your will, including financial provision, and who will care for them.
Consider what would help your children get through the loss of their parents, and who would be the best people to bring them up. That might give some insight into your decisions.
This is pretty straightforward. You may have things that are dear to you, or have special meaning to particular family members. This could be anything from items of clothing to ornaments. You can detail everything you have, or stick to the really important things that you wish to leave specific instructions for. Its really up to you how much detail you go into.
This is a very personal aspect of estate planning. Why not take an inventory of your valued possessions and list the people to who you might want to leave specific things. The more organised you are, the simpler the process of recording your wishes will be.
Estate Planning Tools
Reducing Tax Liability
The basic concepts of estate planning are straightforward, but ensuring that everything is recorded in accordance with legal requirements is where specialist knowledge is important. Most wills are successfully challenged where legal documentation has not been completed correctly, or legal instruments like trusts have not been set up properly. So, we can’t stress this enough; take professional advice from the start to ensure that you have peace of mind in knowing that your legacy will be continued.