You may believe that a Will and Estate Planning are the same thing you would be wrong.
A Will is a legal document that provides your executors with instructions as to how you wish to distribute your assets after your death. It may name your beneficiaries and even appoint guardians for your children in the event of your death, but Estate Planning is so much more than this.
Estate Planning not only includes your Will but also includes Inheritance Tax Planning to help you reduce any future tax liability after your death. It also includes Lasting Power of Attorney which can help plan for a time you may need someone to look after your financial or health and welfare decisions. It can also include setting up a trust for members of your family.
It is important that you consider and plan for the future. Estate planning will provide you with the best options available to you to protect your assets and provide for your family`s future.
Recent events with the Covid pandemic have made people more aware of how important it is to make sure your finances are accessible to your family should you fall ill and how important it is to put your affairs in order should the worst happen.
There are many people who have suffered not being able to access their partner or relative`s bank accounts whilst hospitalised without a Lasting Power of Attorney. An example of this is the harrowing account from Kate Garraway and her personal journey through Covid. As many of you are aware, her husband has been seriously ill and on a ventilator for several months after suffering devastating effects from Covid. Kate has explained how she has experienced further difficulties not being able to access his bank accounts, refinance their mortgage or even see his medical notes. All of this could be avoided if they had registered a Lasting Power of Attorney for his Finances and Health and Welfare prior to his illness.
We want to make sure that you avoid any future financial dilemmas and that you consider Estate Planning early before any disaster strikes.
We are here to help you every step of the way whether it is preparing your Will, Lasting Power of Attorney or Inheritance Tax planning making sure that the process is as easy and straightforward as possible. We deliver these services through our sister firm, Harries Watkins Jones Wills & Probate. Why not visit their site for further information.