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Essential Information for Estate Planning

Essential Information for Estate Planning

Essential Information for Estate Planning

Estate Planning is a comprehensive and systematic process that involves the management and organisation of an individual’s assets, financial affairs, and other important matters to ensure that their wishes are carried out in the event of their incapacitation or death.

It typically includes the following key elements:

1. Wills: A will is a legal document that outlines how an individual’s assets and property should be distributed after their death. It allows the person (testator) to specify beneficiaries, the distribution of specific assets, and even the appointment of guardians for minor children.

2. Trusts: Trusts are legal arrangements where assets are held and managed for the benefit of designated beneficiaries. They are subject to particular tax rules, and can be used for planning and provision for the needs of heirs over time, and to maintain a level of control over asset distribution.

3. Lasting Power of Attorney: Lasting powers of attorney are used to designate someone to make financial or medical or welfare decisions on behalf of the donor in the event of their incapacity.

4. Healthcare Proxy or Advance Healthcare Directive: These documents allow individuals to appoint someone to make medical decisions for them if they are unable to do so themselves and to express their wishes regarding end-of-life care.

5. Beneficiary Designations: Ensuring that beneficiaries are designated on retirement accounts, life insurance policies, and other financial assets, which can streamline the distribution of these assets upon the individual’s death.

6. Tax Advice: The UK tax rules have become steadily more complex over the last generations of government, not to mention international compliance and reporting obligations. Advice is needed for both the individual and those inheriting from them to navigate these. This may include using tax-efficient estate planning tools and gifting strategies.

7. Guardianship for Minors: Naming a guardian for minor children to ensure their care and well-being if the parents are no longer able to provide it.

8. Business Succession Planning: If the individual owns a business, estate planning may include strategies for the smooth transition of ownership and management to the next generation or a chosen successor.

9. Charity and Philanthropy: Planning for charitable contributions or establishing charitable foundations, companies or trusts to support causes that are important to the individual, as well as continuing advice to those who administer Charities.

10. Art and Cultural Property: Identifying how valuable works of art and other luxury items should be bought and sold, imported and exported, or passed on by way of gift or inheritance as well as resolving disputes and dealing with compliance obligations and insurance claims.

Are you looking for help with arranging your assets, trusts, your family business or your landed estate? 

Are you looking to make or review a Will or deal with the estate of a deceased loved one?

Are you a foreign national, or non-domiciled person, seeking to become resident and looking for advice to order your affairs in the UK, or to set up an offshore trust or other structure?

Do you have a concern about mental capacity, wish to make a power of attorney, or to make an application to the Court of Protection?

Are you looking for help and advice with your UK tax planning or compliance?

Are you the trustee of a Charity, or do you need advice on advancing your philanthropic intentions?

If so, our team is able to assist in the development of a bespoke Estate Plan to protect you and your family in this generation and the next. We are experienced, dynamic and helpful, and our lawyers, accountants and tax advisers can guide you through the maze of options available to suit your circumstances, as well as reviewing your current arrangements for their suitability and efficiency.


For Estate Planning enquiries please complete the form and we will come back to you.

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