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Essential Estate Planning Facts (Part 2)

Continuing from last week’s article, most people know that they need a Will and estate plan, but few actually take action and get around to making one. This article reviews a further 5 essential estate planning facts that will arm with you with enough knowledge to cross estate planning off your “to do” list:

 

  1. Estate Planning Is Absolutely Essential for Blended Families and Unmarried Couples

 

If you are a member of a blended family, you need an estate plan to make sure your assets are distributed to the loved ones you choose. Without the correct Will or planning, UK intestacy rules would apply, and this could mean that your partner could end with nothing or your children being dis-inherited. Making sure this does not happen is as simple as sitting down with a Professional Estate Planner.

 

  1. An Estate Plan Lets You Give Generously to Charity and Important Causes

 

Do you want part of your estate to go to your favourite charity or a cause that is important you? If you die without a Will, then UK Intestacy laws leave no room for charitable contributions. So, the only way to be charitable in death is to create your estate plan which can also provide you with attractive tax breaks.

 

  1. Sooner Is Always Better

 

No matter what your stage of life, the time to create your Will and estate plan is now. Making a plan when you are healthy gives you time to explore all your options and make calm, rational choices. If you wait too long, you might really miss the opportunity to plan at all.

 

  1. You Don’t Have to Do It Alone

 

Estate planning can also involve some complex rules and laws, creating pitfalls for the inexperienced. Deciding to go for a DIY Will or one made on the internet is likely to fail, could be made incorrectly and probably won’t be suitable for your unique circumstances. A qualified Estate Planner can help you navigate the process and put an effective plan in place.

 

  1. Will Writing and Estate Planning Is Not an Event, It’s A Process

 

Putting an estate plan in place is the first step. After that, it is vital to make sure that your plan keeps pace with your life. Changes like marriage, divorce, the birth of a child, or even new laws can make your old estate plan not fit for purpose. Reviewing your plan on a regular basis – and keeping your Estate Planner up to date on any life changes – will help ensure your plan continues to work.

 

As Benjamin Franklin once said – “you may delay, but time will not”. The clock is ticking for all of us. So, what is stopping you from drawing up your Estate Plan?

 

It is essential you put a Will and Estate Plan in place as soon as possible to ensure your estate is distributed according to your wishes after you die.  As a leading Will Writing & Estate Planning specialist based in Romford, Essex, Strathmore Wills & Estate Planning are dedicated to protecting your family and wealth. To find out more about how we can help you call us on 01708 923 3030 or email enquiries@strathmorewills.co.uk

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Essential Estate Planning Facts (Part 2)