Estate Planning Solicitors

Estate planning involves organising your financial and personal assets to ensure they are managed and distributed according to your wishes after your death. It can include wills, trusts, pensions, ISAs, and other investments. Proper estate planning provides peace of mind and ensures maximum benefits for your beneficiaries while minimising tax liabilities.

A will is a key part of estate planning but only covers how you want your assets distributed. Estate planning is broader, involving strategies to protect assets, manage taxes, care for dependants, and designate powers of attorney, ensuring that your wishes are met comprehensively.

Your estate plan should cover all valuable assets, including property, savings, investments, pensions, business interests, and personal items of sentimental or financial value. Life insurance policies and jointly owned assets should also be considered as they may not automatically fall under your will.

Yes, pensions are a key part of estate planning. Depending on the type of pension you have, it may be possible to include it in your estate or nominate beneficiaries to receive the benefits. Our experts can provide tailored advice on how to maximise the value of your pension for your loved ones.

Estate planning can help reduce inheritance tax (IHT) by using strategies such as setting up trusts, gifting during your lifetime, and making use of allowances and exemptions. Proper planning helps ensure your beneficiaries receive more of your estate without unnecessary tax burdens.

Helpful financial advice includes understanding your existing assets, reviewing investment portfolios, considering trusts for tax efficiency, and exploring ISAs or pensions to build wealth. Professional advice ensures you’re using the best tools to protect your estate and optimise inheritance for your beneficiaries.

Trusts are legal arrangements that allow you to control how your assets are managed and distributed. They are helpful for protecting assets, minimising inheritance tax, and ensuring long-term financial support for your beneficiaries. Trusts can be customised to suit various customer needs and goals.

Yes, ISAs (Individual Savings Accounts) are a great tool for tax-efficient savings and investment. While ISAs are not directly included in your estate for inheritance tax purposes, certain types, like AIM ISAs, can help reduce tax liabilities. Our guides can provide detailed information on integrating ISAs into your estate plan.

An LPA is a legal document that appoints someone to make decisions on your behalf if you’re unable to. This could be for health and welfare or financial matters. Having an LPA in place provides peace of mind that a trusted person will manage your affairs if you lose mental capacity.

It’s advisable to review your estate plan every three to five years or after significant life changes, such as marriage, divorce, birth of children, or major financial events. Regular reviews ensure your plan remains aligned with your current wishes and circumstances.

Yes, lifetime gifting is a common estate planning strategy to reduce inheritance tax. You can make use of annual exemptions and gift allowances, which are tax-free, and any gifts made more than seven years before your death are typically exempt from IHT.

Without an estate plan, your assets will be distributed according to intestacy laws, which may not align with your wishes. The process can also be more complicated and costly for your family, potentially leading to higher taxes and delays in asset distribution.

The cost of estate planning varies based on complexity. Basic plans may be straightforward, but more comprehensive plans involving trusts, tax strategies, or complex family arrangements may require more time and expertise. Many firms offer transparent pricing, allowing you to choose services that suit your needs and budget.

Starting with estate planning involves assessing your assets, defining your goals, and consulting with an estate planning professional. They can guide you through creating a will, setting up trusts, and ensuring all documents are legally valid and aligned with your wishes.

Yes, there are many tools to assist with estate planning, including online calculators, investment guides, and financial advice platforms. These tools can help users estimate their tax liabilities, organise assets, and plan effectively. Working with an estate planning expert ensures you’re using the most effective solutions.

No, estate planning is helpful for anyone with assets, regardless of size. Whether you have a pension, an investment portfolio, or a single property, a good estate plan ensures your wishes are respected and your loved ones are protected.

You can find guides and information on estate planning through financial advisors, online platforms, and estate planning companies. At My Will and Probate, we provide resources and expert advice to help customers understand their options and make informed decisions.