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The Importance of Forward Planning

Wherever you are in life, you should consider estate planning to ensure your loved ones are looked after when you are gone. Estate and forward planning will make sure your assets and finances are protected once you pass on. In addition, they will ensure issues – such as inheritance tax to be paid – are dealt with ahead of time. There are many aspects of financial forward planning to consider, including creating a watertight Will, funeral plans, and having a clear understanding of your assets. As such, let us look at what this planning involves and how it can benefit you and your loved ones.

What is Estate Planning?

Estate planning involves putting together an overall plan regarding how you wish your estate to be handled upon your death. This involves the following:

  • Creating a watertight Will, as well as assigning executors and making sure all relevant family members and friends are aware of it.
  • Listing all your assets and debts. This includes any property assets, material assets, savings and funds you have accrued.
  • Any cash gifts you plan to give, or have given, to lessen the impact of inheritance tax. This can be through cash gifts to friends and family, a trust fund, or other means.
  • Provisions for funeral expenses, as well as any funeral arrangements you wish carried out.

Why is Estate and Financial Forward Planning Important?

Estate and financial forward planning are important for several reasons. First, they make sure that whoever is looking after your estate and applies for probate knows exactly what your wishes are. This will also help to give your loved ones guidance on how to arrange your affairs. In addition, planning your estate and finances will save your loved ones the shock of facing a large inheritance tax bill during bereavement. While estate and finance planning can be straightforward, there are times where you may need professional advice. As such, professional estate planners can help you in a number of ways.

Benefits of Estate Planning

There are several benefits of using the services of professional estate planners. They can:

  • Help advise you on what the best options are for planning your estate and finances.
  • Review your assets such as investments, properties, insurance and more to assess your current situation.
  • Determine the impact of inheritance tax on your estate and how best to minimise the effect.
  • Work with you to find the best ways to protect your assets so you can pass them on to your loved ones.
  • Provide strategies to cover all aspects of your planning.
  • Arrange regular reviews of your plan should there be changes to legislation.

How Anglia Probate & Trusts Can Help

For over 25 years Anglia Probate & Trusts have been offering services in estate planning throughout East Anglia. We offer professional advice on all aspects of creating a watertight will and will guide you through the complexities of legal and estate administration affairs. Our professional team are on hand to take the stress and uncertainty out of estate and forward planning. Visit our wills and probate page for more details. For a free consultation regarding our services contact Anglia Probate & Trusts today.