What is Estate Planning?
Estate planning is simply the process of arranging your assets and affairs in the most suitable way, and ensuring that the right legal protection is in place to support those arrangements
Vested Estates is dedicated to providing personalised legal services in estate planning. With a focus on client empowerment, our team guides you through the entire process, ensuring you are in control. We pride ourselves on our expertise and commitment to excellence in every tailored solution we create. Estate Planning is a lifelong journey, and we offer a fully supported service.
Why do we need an effective Estate Planning strategy
01
POWER OF APPOINTMENT
It is important to ensure that you have granted authority to the appropriate people to handle your affairs if and when required. Without doing so it would likely be necessary for your loved ones to make expensive and arduous court applications to perform the roles required of them, and with no guarantee of fulfilling your wishes.
02
OWNERSHIP STRUCTURES
From property ownership to business structures there are various options available to you. It is vital to ensure that the right structures are in place to achieve the results you desire. The way your assets are dealt with will hinge primarily on these arrangements, regardless of any other plans you may have made.
03
TAX MITIGATION & EFFECIENCY
Failing to make use of the available tax allowances and reliefs costs many estates dearly - often tens or hundreds of thousands of pounds! Eligibility for these allowances will depend largely on how assets are passed, whom they are distributed to and when those people become entitled to them. It is therefore very important to ensure that your estate arranged effectively.
04
ASSET PROTECTION
The most effective means of protecting your assets will depend not only on your individual circumstances and priorities, but also the position of those who you would like to benefit . We find that assets are often dissipated due to a failure to identify potential threats to (or erosion of) the estate in the long term. Subsequently, opportunities may be missed and result in the most suitable protection solutions not being implemented.
Key Considerations
Whilst it is true that everyone would benefit from effective Estate Planning, there are some circumstances in which it is of paramount importance:
Parents
Secure guardianship for minor children.
As parents with Minor children it is vital to make provisions for Guardianship. These decisions require careful thought in relation to the practicalities of the arrangements you decide to put in place. As such, it is important that appointments are harmonious with other arrangements you may have made, such as trustee appointments for life insurance policies etc.
Property Owners
Understanding ownership structures and inheritance impacts.
Your property is for many the largest investment we make, and therefore protecting that investment requires careful consideration. The way in which you own your property is paramount to the success of any estate planning you may wish to put in place. Ensuring the right structures are in place to achieve your aims is pivotal to effectively protecting your asset.
Business Owners
Align estate planning with business agreements to ensure smooth succession.
You will likely have invested much time money and effort into your business, and it is therefore very important to ensure that investment is protected. Depending on the legal structure of your business, there are various options available to you in relation to the arrangements you can put in place to achieve this.
Co-Habitees
Protect your Partner’s rights
Without a Will, unmarried couples do not inherit anything through the laws of Intestacy! Even with a Will, any inheritance may well be subject to Inheritance Tax. Usually, this is not what we would wish for our partners, however, through effective estate planning it is possible to achieve a much better outcome.