Estate Planning and Trust

Estate Planning

Few of us like to think about dying; however, the relevant legislation requires us to plan well in advance. This means making the necessary provisions now. There are many tax opportunities available, and the earlier arrangements are made, the greater the chance of taking full advantage of our complicated tax system.

It is important when planning to transfer an estate that adequate provision is made. Getting the right balance requires considerable skill and foresight, along with a detailed knowledge of the current tax regime. We provide a discreet, comprehensive estate planning service that includes:

• Help with planning and reviewing a will
• Making full use of exemptions and lower tax rates on lifetime transfers
• Optimising lifetime transfers between family members
• Transferring agricultural or business property
• Transferring assets into trust
• Arranging adequate life assurance to cover potential inheritance tax liabilities

Benefits of Estate Planning

Estate planning offers numerous benefits, including:

• Minimising Tax Liabilities: Effective estate planning can significantly reduce the amount of inheritance tax payable, ensuring more of your wealth is passed on to your beneficiaries.
• Protecting Assets: By setting up trusts and making lifetime transfers, you can protect your assets from potential creditors and ensure they are used according to your wishes.
• Providing for Loved Ones: Estate planning ensures that your loved ones are taken care of financially, providing peace of mind that they will be supported after your passing.
• Avoiding Probate Delays: Proper planning can help avoid lengthy probate processes, allowing your beneficiaries to access their inheritance more quickly.
• Ensuring Your Wishes Are Honoured: A well-structured estate plan ensures that your wishes regarding the distribution of your assets are clearly documented and followed.

Trusts

We also have expertise in dealing with trusts, a very tax-efficient way to set aside assets for future beneficiaries outside the inheritance tax net. We can advise on the most suitable type of trust to fulfil your wishes, assist in setting up the trust, and provide the full range of accounting services required for trust management.