Understanding Estate Planning…

November 2022

Understanding Estate Planning…

Estate planning is a process that ensures the management of your estate should you become incapacitated or pass away.

The first step is to decide what you want to achieve. It could be deciding who benefits when, how, and in what form. Also deciding how tax efficient you want the process to be.

The second step is finding the right Solicitor; this is essential as you will also need a good Will with supporting documents. The best things to look out for are experience and specialist qualifications such as a STEP Diploma (Society of Trust and Estate Planning). Full membership is evident by ‘TEP’ after their name.

The third step is to speak with an experienced Financial Planner. I always recommend that this should be someone Chartered and/or Certified. The STEP qualification is also available to specialist advisers, so look for the TEP designation. Ideally, they should be both or all three, or they should work alongside someone who is, who can assist in the planning where required.

The Professionals

Remember, specialist exams and qualifications exist for a reason. They are designed to be more thorough in specialised areas rather than covering a broader range of topics. STEP members are usually Solicitors, Accountants, and Financial Planners, who can all add value, so seek us out.

Since the government expects to receive over £6bn in IHT this tax year and more next, it is the right time to have a proper review and start a plan. It is hardly ever too late. Early planning, while advantageous, will be done in such a way as to build total flexibility.

The government provides numerous allowances and exemptions for people to use (many of which I have addressed in previous articles). However, many people don’t use these, partly (I would assume) because they can seem complicated or like too much effort, but a Financial Planner can help with this.

The cost of taking action will be far less than not. There is a lot to be said for leaving your affairs in order. It is easier and much quicker for those you will leave behind.

If you wish to discuss your estate planning matters with one of our highly qualified experts call us on 01480 869466 or email info@beaconwealth.co.uk

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