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8 Tried and Tested Ways We Can Help You Plan Your Estate

Considering what might happen to your family or your business if something happens to you is not something we like to think about. However, it’s vital that you put plans in place to ensure your loved ones, and hard-earned business interests, are looked after when you’re no longer around.

At Strathmore, we provide a range of services that can help you make the right decisions – whatever your situation. From making sure your Will is accurate and correct, through creating a Trust for your children, all the way to sorting out a Funeral Plan, we can help take the stress away from estate planning and give you peace of mind.

1. Will Writing

Your Will is the foundation that your estate plan is built on.

A Will is the document that allows you to decide what happens to your money, property and possessions after your death. Without a Will, the law will decide what happens to your estate on your behalf. This could include people who you didn’t intend to benefit.

It’s important that your Will is clear and sufficiently detailed so that the executor who carries out your instructions can do so correctly.

We can help you with writing a new Will, making sure that everything is included so there are no surprises for your executors or your family. We can also help you with updating a current Will.

2. Trust Planning

A Trust is a way of managing and ring-fencing money, property or other assets so that it can be given to your chosen beneficiaries at a specific time.

You appoint an individual, known as a trustee, who will oversee what happens to the Trust. They will then give access to the beneficiary at a time of your choosing.

Trusts can be useful for protecting your children’s inheritance, preventing them from squandering it before they turn an age of your choosing. It can also help prevent claims from third parties, such as ex-partners or creditors, who may think they have a claim to your wealth.

We can help you set up a Trust with the right protections to safeguard your wealth and make sure it goes to the right beneficiaries.

3. Inheritance Tax Planning

Inheritance Tax (IHT) is the tax payable on your estate when you die.

The standard rate of IHT is 40% and is charged on the value of the assets you own – including property, cash in bank accounts, and large gifts that you may have given away in the seven years before your death.

We can help you with strategies to reduce your IHT bill, including generational IHT, and make sure as much of your wealth as possible is passed on to those you want to receive it.

4. Business Succession Planning

If you’ve spent your life working hard on your business, the last thing you want to do is put all that work at risk by not having a Business Succession Plan.

A Business Succession Plan is not just something to think about when you retire: if you’re injured in an accident, become ill, or suddenly die, your business could be at risk.

We can help you design a Business Succession Plan that protects and ring-fences your business and its assets, as well as ensuring a continuity plan that allows your business to keep operating if something happens to you.

5. Lasting Power of Attorney (LPA)

A Lasting Power of Attorney (LPA) allows you to appoint people you trust to help you make decisions, or even make decisions for you if you become unable to do so for yourself.

Having an LPA means your wishes for your wealth and assets can be carried out on your behalf in circumstances where you are unable to, such as if you become mentally incapacitated. That way, no matter what happens, the instructions for your estate will be carried out in line with your wishes.

We can help you set up the right type of LPA for your situation so you can have peace of mind that your financial affairs and personal welfare will be protected.

6. Secure Document Storage

After investing time in preparing your estate, it’s important to protect the legal documents that will make your instructions come to fruition.

Whether it’s your will or your LPA, it’s vital to keep these documents safe for when they’re needed to carry out your wishes. It can also be convenient to have these documents in one place, so they are easily accessible for executors and anyone else who may need access to them.

We have partnered with National Will Safe to help provide a safe and damage-free environment for your documents, whilst also keeping them accessible to the people who need them. We can arrange Secure Document Storage on your behalf.

7. Funeral Plans

Your funeral will be a hard day for your family, but you can help make it a bit easier by purchasing and sorting funeral arrangements in advance.

Sorting your funeral while you’re alive can also help you lock in a price, potentially saving your family thousands of pounds by avoiding rising funeral costs.

We’ve partnered with one of the most prominent Funeral Plan providers in the UK to help you arrange the right funeral for you and help alleviate the stress for your family.

8. Probate

If you’re going to be dealing with a loved one’s estate when they die, we can support you with our Probate services.

When you apply for Probate, you are applying for the legal right to deal with someone else’s estate when they die. This process can come with a lot of extra paperwork that can be difficult to manage, especially if you’ve just lost someone close to you.

We’ll allocate you a personal estate manager who will support you with the administration, and guide you through the Probate process.

Get in touch

If you’d like help planning your estate, please do get in touch. We can help develop a plan that’s suited to your personal circumstances. Email enquiries@strathmorewills.co.uk or call 01708 923 303.

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8 Tried and Tested Ways We Can Help You Plan Your Estate