Planning what will happen to your estate if you die can give you peace of mind, even if it isn’t the easiest subject to think about. The best way to make sure your beneficiaries receive their inheritance in accordance with your wishes, and in a tax efficient manner, is to instruct a specialist estate planning solicitor.
By planning how your estate will be inherited, you can work out how your assets will be assessed for Inheritance Tax and use allowances and exemptions to find the most efficient way to structure your estate. You may choose to make lifetime gifts or set up a trust, so you can see your beneficiaries enjoy their inheritance while you’re alive.
In estate planning, the most important document to draw up is your Will, which sets out who will inherit your assets and who will be in charge of this process.
Using a trust in your will lets you provide for your spouse or partner but can also protect the assets for your children or future generations in case your spouse or partner forms a new relationship, goes through financial difficulties or requires residential care.
You may decide to set up a trust in your lifetime or in your will for beneficiaries, which is managed by trustees. Your beneficiaries will then either receive an income from the trust or be able to claim anything from it at the discretion of the trustees.
