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Essential Estate Planning Facts (Part 1)

“You may delay, but time will not,” Benjamin Franklin.

Most people know that they need a Will and estate plan, but few actually take action and get around to making one. According to statistics more than 60% of the UK adult population do not even have a Will, or a valid one, in place. And yet, the clock is ticking for all of us. So, what stops us from drawing up some of the most important legal documents we need to make? Why don’t more of us actually put together an estate plan?

There are a variety of reasons. For some, it is the fear that by thinking about death, they will jinx it. For others, it is simply procrastination and will do it “one day”. For many people though, they simply do not know enough about writing a Will and the estate planning process.

Here are 5 essential estate planning facts:

  1. It Is Not Just for The Wealthy

Many people equate estate planning with inheritance tax planning, and this couldn’t be further from the truth. When you really think about it, your true wealth is much more than just your accumulated financial assets – it also includes those things such as your life experiences, your values and your family history. Estate planning helps to preserve your financial wealth as it passes from generation to generation and it helps to ensure that your non-financial wealth is handed down to your children and grandchildren. The result is that you have an opportunity to build a true legacy.

  1. Don’t Let The Government and Courts Be in Control

If you pass away without a Will and estate plan, you give up control over who inherits your wealth. Instead, the UK Intestacy laws kick in and dictate how your assets are divided up and passed on. Having a valid Will and up to date estate plan is the only way to ensure that your hard-earned wealth go to whom you want, when you want.

  1. Without A Plan, Your Children Could Be in Limbo

If you are the parent of young children, the thought of them being cared for by someone you have not chosen probably terrifies you. And yet, if you do not leave a valid Will nominating a Guardian(s) for your minor children, you will have no voice in the decision and social services will decide.

  1. Estate Planning Can Protect Your Children from Social Impacts

If your children inherit your wealth outright then that inheritance could be lost to social impacts such as divorce, creditor claims and future taxation.  The solution? You can leave assets to them in a Family Trust, giving them protection and ensuring that they actually benefit from your wealth.

  1. Estate Planning Can Save Your Children and Beneficiaries from Their Own Misjudgements and Bad Habits.

If you are worried about your children having complete control over their inheritance, you can also leave their inheritance in a Family Trust and appoint suitable Trustees to make decisions about how the money will be used. A good Trustee will be experienced at handling wealth, can provide mentorship and guidance to your beneficiaries for years to come. This can protect your beneficiaries from losing their inheritance due to poor decision making or just plain excessive spending.

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. In next week’s article we will explore five other essential estate planning facts. Stay safe and healthy.

 

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, Contact Us, Call Us on 01708 923 3030 or Email enquiries@strathmorewills.co.uk

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Essential Estate Planning Facts (Part 1)