Key part of putting your affairs in order later in life
This is an important part of wealth management, no matter how much wealth you have built up. It’s the process of making a plan for how your assets will be distributed upon your death or incapacitation.
This subject doesn’t only affect the very wealthy. Inheritance Tax in particular is becoming more of an issue for many of us due to rising house prices and complex family situations. Making provision for your loved ones is an essential part of managing your estate and assets.
Estate planning sits alongside making your Will as a key part of putting your affairs in order later in life. Working out the best ways to leave money in a Will before you pass away can help to make the lives of your loved ones easier when you’re no longer around. It can also help protect your estate for the beneficiaries named in your Will and reduce the impact of Inheritance Tax.
When you have spent an entire lifetime building up your personal wealth, you’ll want the comfort of knowing that upon your death your estate will pass into the hands of your chosen beneficiaries and not into the hands of the government.
If you do not plan properly, a significant portion of your wealth could be paid over to the government in Inheritance Tax. With professional financial advice and the correct estate preservation planning we can help ensure that your loved ones are provided for after you die. Without a proper plan, your family could be left with nothing but debts and expenses.
Estate preservation planning gives you peace of mind knowing that your affairs are in order and that your loved ones will be taken care of after you are gone especially important for those who have a significant amount of assets.
Unfortunately, some people leave this planning until it’s too late. So the sooner you start, the more provisions you can put in place during the course of your lifetime. Planning can also help you to ensure that your assets go to the people that you want them to go to. If you do not have a plan in place, your assets may be distributed according to the laws of intestacy.
This could mean that your assets do not go to the people that you want them to go to. However, if you have the right plan in place, you can specify who you want your assets to go to. Have you considered what will happen to your estate when you’re gone?
Wealth transfer has become an important issue for many families today. The fact is, many of us should be preparing for the eventual transfer of our assets, regardless of any tax or legal consequences. The process of estate preservation becomes more important as you age, though, because there is an increased risk of something happening to you as you get older.
Having said that, estate preservation is actually important at all ages of life. As soon as you start to build your wealth, you need to make sure you have structured ownership correctly to reduce risk of loss. You also need to ensure you have the right insurance coverage and an incapacity plan in place in case something unexpected happens to you.