Talking about what will happen after your death can be an uncomfortable subject, but it can also bring great peace of mind to you and your family. With the help of experienced financial professionals, estate planning does not have to be stressful and can allow you to relax into your retirement.
Estate planning sits alongside your will to outline to your beneficiaries how you want your assets to be managed after your death. It allows you to prepare for how much inheritance tax will apply to your estate and make things simple for your loved ones when you are no longer here to care for them.
Done properly, estate planning will allow for the smooth transfer of your assets exactly as you wish for them to be passed on. Our independent financial advisers in York can help you organise your finances, mitigate tax where possible, and protect your family. Arrange your appointment with us today.
Your estate is made up of many different elements, and it’s important to have a clear overview of these before you can plan for passing them on to your loved ones after death, or if you become unable to manage your own affairs due to injury or illness.
Have a clearly defined list of your assets is key to estate planning. Your estate assets can include:
Each of these assets will need to be valued and included in your plan to help you leave clear instructions for your executors.
If you are a business owner, you will need to consider how it fits into your estate planning too. It’s likely that you will also have critical illness/person cover policies in place that will help protect your family, your staff, and your customers and shareholders should something happen to you.
Learn more about business finance planning here.
Your estate plan will need to outline your wishes for any property you own. If this is shared with a spouse or civil partner, there will be no IHT to pay. If it is being left to someone else, inheritance tax will be owed, and you can work out the estimated sum in advance.
If there are multiple properties or outstanding mortgages to consider, we can help advise you on the best course of action.
You might have clear ideas of who you want specific assets to be given to after your death. Ensuring you have an up-to-date list of your assets and who you want to inherit them is an important part of your estate planning. These can include:
You might have already made provisions for your funeral with a funeral director, or have a separate savings fund set aside to cover the costs of funeral care. If this is not already in place, you can consider your funeral wishes as part of your estate planning.
Letting your family know your wishes for your funeral, cremation or burial can be very helpful to them immediately after your death. Decision making following a bereavement can be extremely hard. Outlining your wishes can help guide your loved ones and help them in the early stages of grieving your loss.
The independent financial advisers at YorWealth are very experienced in helping clients with their estate planning. We can work with you and your solicitor to ensure a clear strategy is in place for your estate management in the event of your death, or if you become unable to manage your affairs through illness or injury.
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