How can I prepare myself when planning my estate?
It might seem overwhelming to begin the process of estate planning but breaking it down into manageable steps can make all the difference. Some of the key parts of the estate planning process include:
Take stock of your assets
Begin by cataloguing everything you own that's of value, be it property, investments, or even family heirlooms. Knowing precisely what you have helps set the stage for an effective estate plan.
Consider your family's future needs.
Look at your family's unique situation. Do you have young children who will require guardianship? Does one of your relatives have a disability? An estate plan can and should account for these considerations.
Choose who is entitled to assets and how they receive them.
One of the perks of estate planning is the control it offers over who inherits your wealth, and how. Rather than leaving it to the legal system to decide, you can specify your chosen beneficiaries, from family and friends to charitable organisations. Whether you want your assets to be disbursed immediately upon your death or over time through trusts, your estate plan can facilitate this.
Seek professional guidance.
Estate planning can get complicated. For a tailored approach and peace of mind, consult with our expert solicitors at Rowlinsons. We provide a personalised service that caters to your unique needs and situation.
Keep your plan safe and current.
A brilliant estate plan is of no use if it's not accessible when needed. Consult with us on how to securely store these essential documents and who should have access to them.
It’s vital to keep your estate plan up-to-date to reflect life events like marriages, divorces, or the arrival of grandchildren. A stale estate plan can create more problems than it solves.
Ready to get your estate plan in order? We're just a call away. Let us help you build a future that gives you peace of mind and takes care of your loved ones long after you're gone.
What should I consider when planning my estate?
When planning your estate and the distribution of assets, it pays to be thorough.
The very first step should always be to make a precise inventory of your possessions and assets. This will include:
- Property
- Vehicles
- Jewellery
- Other valuable and collectable items
You may choose a specific beneficiary for a specific item or asset. It’s important to include and value assets such as bank accounts and insurance policies, and consider debts.
Estate planning does not only include plans for after your death, but will often include actions you can take earlier. For example, you may decide to use lifetime gifts and trusts to pass assets on in a tax-efficient way.
Can Estate Planning Solicitors help me reduce inheritance tax?
Tax is a crucial consideration when planning the distribution of an estate. If your assets are valued above the nil rate band of £325,000, you could be liable to pay up to 40% in inheritance tax.
By crafting a meticulous plan, our Estate Planning Solicitors can ensure a tax-efficient process that ensures your family, loved ones, and other beneficiaries you choose do not miss out because of excessive taxes.
Who do Estate Planning Solicitors help?
Estate planning isn't a one-size-fits-all process. It's as diverse as the people it serves. Our team of expert solicitors at Rowlinsons is highly skilled at tailoring plans to fit various life situations and financial standings. We have supported clients and their families through the estate planning process, including the following.
- Families: Whether you're young, mapping out a secure future, or older parents thinking about passing on the family home, estate planning ensures your loved ones are taken care of according to your wishes.
- Executors: If you’ve been appointed to carry out the wishes outlined in a will, it is likely that you will need legal guidance to help ensure you act in the best interests of the beneficiaries and in accordance with the law. We offer advice on the full spectrum of the executor’s role including interpreting the wills contents, asset valuation, disposal and distribution, debt settlement and dispute resolutions.
- Beneficiaries: Legal advice for beneficiaries can be crucial in navigating the complexities of receiving and managing an inheritance, as well as in integrating it into the beneficiary's own estate plans. You may wish to redirect your inheritance with the Deed of Variation, set up a trust, revise your will or get help to resolve a dispute.
- High Net Worth individuals and business owners: With more to protect and pass on, complex assets like businesses, multiple properties, and investments require sophisticated planning. If you've built a business from the ground up, you'll want to ensure its continuation or controlled dissolution, and that involves careful planning.
- Charities: Planned giving is an excellent way for charitable individuals to contribute to causes close to their hearts, while benefiting from potential inheritance tax savings.
No matter your connection to the estate or the complexity of your needs, Rowlinsons offers expert legal advice tailored to your situation. Trust us to deliver a client-focused, responsible, and knowledgeable approach to secure your future and that of your loved ones.
If you are ready to start planning your future, contact us. Rowlinsons Solicitors is a specialist law firm with years of experience in estate planning and estate administration for all situations, from small families to owners of international companies.
Contact our Wills, Trusts, and Estate Planning Solicitors
If you have any questions about the estate planning process, get in touch for a free, no-obligation chat.
If you need a comprehensive level of support surrounding Estate Planning for yourself, a loved one, friend, or relative, rest assured that our Personal Solicitors at Rowlinsons will provide the expertise and commitment to exceptional client care that you deserve
Our Wills, Trusts, and Estate Planning Solicitors in Cheshire regularly provide legal services for the planning of estates for clients across the United Kingdom including individuals in Warrington, Widnes, St Helens, Chester, and Northwich, from our offices in Frodsham and Runcorn (Sutton Weaver).
Our specialist Wills, Trusts, and Estate Solicitors are on hand to help you every step of the way and throughout the legal process to ensure your affairs, or those of a family member, are in order.
To discuss your circumstances, contact us today
Call us today for an initial no obligation call or click here for a call back. We also have meeting facilities in North Wales by appointment.