Why is Estate Planning Important?

Estate planning is the process of preparing for the transfer of a person's assets and wealth after their death. It involves creating legal documents such as wills, trusts, and power of attorney, to ensure that a person's wishes are carried out, and their assets are distributed according to their desires. Another large part of estate planning is ensuring that everything is carried out in the most tax efficient way possible, which is where the tax consultants and family wealth management specialists here at TreyBridge can support you. 

Control: Estate planning allows individuals to maintain control over their assets and how they are distributed after their death. Without an estate plan, the distribution of your assets may not go to the people you want. 

 

Minimise taxes: Estate planning can also help minimise the taxes that may be imposed on the estate, ensuring that more of the assets go to beneficiaries rather than the government. 

 

Avoid conflict: Estate planning can help prevent conflicts among family members or beneficiaries. With a clear and detailed estate plan, the distribution of assets is less likely to cause disputes or litigation. 

 

Protect beneficiaries: Estate planning can also protect beneficiaries, such as minor children or individuals with special needs. A trust can be created to hold and distribute assets for the benefit of such beneficiaries and ensure that their needs are met. 

If you’re interested in planning your estate, here are some ways we can help you do it smoothly and effectively: 

 

Take inventory: Create a list of all your assets, including bank accounts, investments, retirement accounts, insurance policies, and personal property. 

 

Decide on beneficiaries: Determine who you want to receive your assets after your death. You may also want to consider alternate beneficiaries in case the primary beneficiaries cannot receive the assets. 

 

Choose an executor: Choose someone you trust to manage your estate and distribute your assets according to your wishes. 

 

Create a will: A will is a legal document that specifies how you want your assets distributed after your death. It should be created with the help of an law firm to ensure it is legally binding and enforceable (we can recommend trusted legal specialists in our network). 

 

Consider trusts: Trusts are legal arrangements that allow assets to be held and managed for the benefit of designated beneficiaries. They can be used to avoid probate, reduce taxes, and protect assets. 

 

Appoint a power of attorney: A power of attorney is a legal document that designates someone to make decisions on your behalf if you become incapacitated. 

 

Review and update regularly: It's important to review and update your estate plan regularly, especially if you experience major life events like marriage, divorce, or the birth of a child. 

Interested in planning your estate so that as much of it goes to your loved ones as possible? To find out more, call our Northern office on 01482 235575, our London office on 0207 885 0605, or fill in the contact form below.