Many people believe that estate planning is something that should be left until later in life. In reality, it is essential to get your legal affairs in order, regardless of age or financial status. A comprehensive estate plan can significantly benefit you and your family, ensuring they are protected should the worst happen.
Knowing where to start can often be the most daunting prospect with any task. At Langley Wellington, our Private Client team understands the reservations you might have. We will do all we can to help you feel at ease and ensure the estate planning process runs as smoothly as possible. Here are the answers to some of our most frequently asked questions relating to estate planning.
Why should I have an Estate Plan?
Your estate plan is likely to cover more than you might expect. Typically, your estate plan will:
- Ensure that you have control over what happens to your assets.
- Ensure you have control over who manages and administers your estate when you die, or stop making decisions for yourself (should you lose mental capacity).
- Alleviate inheritance tax obligations.
- Help avoid future inheritance disputes.
Not only are these documents beneficial, but many are legal documents that will ensure that your wishes are followed in the event of incapacity or death.
In the event that you or a loved one dies without a Will, assets will be distributed according to the rules of intestacy. The rules of intestacy, contrary to popular belief, do not automatically pass on assets to the partner or children of the person that has died. Therefore, if an estate was not planned sufficiently, the loved ones may not be entitled to receive certain assets.
To speak to an experienced legal professional that can give you peace of mind about your estate, please contact Langley Wellington today on 01452 521286 (Gloucester) 01242 269998 (Cheltenham). Alternatively, email email@example.com or fill in our enquiry form.
When to create an Estate Plan?
It is sensible for anyone to consider creating an estate plan to protect themselves and their loved ones. With this, they should also consider who they trust to make decisions for them should they lose mental capacity. Find out how Langley Wellington can help set up a Lasting Powers of Attorney (LPA) as a part of estate planning here.
For people who have begun estate planning early, they should consider how any major life events may affect their wishes, as laid out in their Will and overall estate plan. Buying a property, cohabiting or getting married, having children, starting a business, or an alteration in financial circumstances are all events that are likely to affect your estate. When this happens, you must seek the assistance of a legal professional who can appropriately update your estate plan, including your Will, to ensure that it properly reflects your circumstances.
What is typically included in an Estate Plan?
Every estate plan will be unique, so you should speak to your legal professional to write or amend an estate plan. However, the same documents will be included in most estate plans. These include:
- Lasting Power of Attorney
- Inheritance Tax plans
- Trust information
Furthermore, when speaking to our representative about your estate plan, we will outline the options available to you, ensuring that you and your family are in the best possible position.
Can I plan my Estate without a solicitor?
Although it is possible to estate plan without the support of a legal professional, due to the widely available online ‘DIY’ platforms for Wills and LPAs, this is not recommended. Planning your estate this way, and cutting corners, could leave you and your family vulnerable to costly mistakes due to the lack of regulation in this field. Therefore, where possible, you should always speak to an experienced practitioner.
Before speaking with us, you should have a rough idea of the assets you want to include within your estate plan. Before your appointment, you should compile lists of your tangible and intangible assets to be confident that no stone has been left unturned. It would help if you also considered what you would want the outcome of these assets to be when you die so that the appropriate provisions are put in place.
Estate Planning Solicitors Near Me
At Langley Wellington, we understand how daunting estate planning can be, as there are many points to consider. No matter your financial status or age, we will work with you to ensure that all bases are covered and that your family is protected.
Private Client Services
- Probate and Administration of Estates
- Inheritance Tax
- Lasting Power of Attorney
- Trusts and Asset Protection
This blog post is not intended to be taken as advice or acted upon. If you are seeking legal advice, please get in touch with our team of solicitors.