WHAT IS ESTATE PLANNING?
The sad truth is that one day you will be unable to take care of your loved ones either because you are incapacitated or dead. The questions you need to ask yourself are: “What will happen to all my hard earned money & possessions when I die?” “Do the people I leave behind know what to do?” “Do I want my loved ones to fight over my money and possessions?”
Many people have ended up losing most, or all, their wealth after dying, or after becoming incapacitated, through endless court battles simply because they didn’t plan properly. All too often their money has ended up in the wrong hands because they only had basic Wills which do not offer any protection.
This is where estate planning comes in. It is a process whereby you decide how your money and possessions (estate) will be distributed. Simply put, you can still control what happens to your hard-earned money after you have gone. How would you feel having worked very hard for your wealth only to see it being lost or squandered? The common misconception has been that this only affects the rich, however, this is untrue because more people are realising that the little they own will still need to be passed on to someone.
What do you need to know about estate planning?
Estate planning is not always a difficult process, however here are a few terms you need to be familiar with before we move forward:
An estate is simply all that you own, and may include: money, insurance, land, properties, motor vehicles, shares, investments etc.
This is a legal document that details how your wealth will be distributed. The lack of a Will is normally a recipe for disaster therefore it would be wise for you to ensure you make one as soon as possible. A Will can be reviewed and changed any time.
A trust is an obligation binding a person (which can be an individual or a company) called a ‘trustee’ to deal with ‘property’ in a particular way, for the benefit of one or more ‘beneficiaries’. Many people believe that trusts are only for the very wealthy. This is something both the tax man and Government are only too keen to continue. Please watch the following video which explain how trusts work.
IV. The Lasting Power of Attorney
This is the authority you give to someone to legally manage your affairs in case you are unable to manage them yourself owing to some form of incapacity. See more here
How do you do it?
In estate planning, you will need to draft a Will and/or create a trust. It is important that you do this with the help of qualified professionals to ensure that all your wealth ends up in the right hands, in case you are unable to personally hand it over to them.
Finally, while there is always that temptation of waiting until you grow rich or old before you think of estate planning, the best time is now before it’s too late. You can always update your Will as your life changes.
Estate planning decisions are YOURS to make. Don’t let your loved ones down.
Let Barnet Wills draft your Will to ensure your family is well provided for.
Barnet Wills is committed to providing you with the best possible service. We are more than just Will writers. We are committed to safeguarding your wealth, for your children, grandchildren, or chosen beneficiaries, after you are gone.
With a few simple strategies in place your money can be protected!
Call 020 3189 1737 or email us at firstname.lastname@example.org