Estate Planning
Westcott Wills can also provide estate planning advice, and this will always be considered at any initial meeting.
We work with a number of financial advisers, to whom we can refer you if the planning might involve such things as inheritance tax effective investments or additional life insurance to cover any potential liability. We can advise on all of the basic exemptions from inheritance tax, including how to effectively make gifts during your lifetime, and advise you on all the related implications.
Taking estate planning into consideration is an important part of writing your will.
Estate planning is the process of arranging for the management and disposal of a person's estate during their life and after death. It involves making decisions about how assets will be distributed, who will manage the estate, and how to minimize taxes and other expenses.
Here are some key reasons why estate planning is important:
- Asset Distribution: Estate planning ensures that your assets are distributed according to your wishes. This can prevent disputes among family members and ensure that your loved ones are provided for.
- Tax Efficiency: Proper estate planning can help minimise the tax burden on your estate, preserving more of your wealth for your beneficiaries.
- Protection of Beneficiaries: Estate planning can protect beneficiaries, especially minors or those with special needs, by setting up trusts or other mechanisms to manage their inheritance.
- Avoiding Probate: A well-structured estate plan can help avoid the lengthy and costly probate process, allowing for a quicker distribution of assets.
- Healthcare Decisions: Estate planning can include setting up powers of attorney and Advance Decisions to ensure your healthcare wishes are followed if you become incapacitated.
- Business Continuity: For business owners, estate planning is crucial for ensuring the smooth transition of business ownership and management.
- Peace of Mind: Having an estate plan in place provides peace of mind, knowing that your affairs are in order and your loved ones will be taken care of according to your wishes.
Overall, estate planning is a critical process that helps individuals manage their assets and make informed decisions about their future and the future of their beneficiaries.
“I have no hesitation in recommending Nicola. She gives clear, authoritative advice and is highly practical. She set out my wishes within my will in just the manner I had hoped. What’s more, Nicola is friendly, extremely client-orientated and an absolute pleasure to deal with.”
