Top 7 Reasons To Make An Estate Plan Now
Our clients tell us that their top 7 reasons for wanting to create a comprehensive Estate Plan are as follows:
- Peace of mind. Estate planning is the only certain way to make sure your assets, savings and possessions go to the people that you love and any causes you care about in a tax efficient way.
- Avoiding disputes. Without an Estate Plan and clear instructions in your Will, arguments can often arise amongst family members that can tear families apart and cause huge amounts of anguish and thousands of pounds in legal bills to resolve.
- Providing for your loved ones. Families often find it hard to talk about death, so by making your intentions clear in your Will, you are forward planning and saving everyone you care about a lot of worry.
- Ring fencing your wealth for future generations. A proper Estate Plan can ensure your assets are kept within the family structure and protected for future generations. Our clients are often rightly concerned, for example, that new spouses or second families could inherit their assets further down the line and your LPA Guardian Estate Plan will enable you to prevent this from happening.
- Saving thousands of pounds on tax. Our Estate Plans allow you to organise your affairs in the most tax-efficient way possible, potentially saving you thousands or tens of thousands of pounds.
- Saving thousands of pounds on care home fees. When it comes to care home fees, the vast majority of your wealth, saved over decades, can be destroyed in a very short time. At LPA Guardian we think this in itself is one of the most important reasons to consider full and proper estate planning.
- Funeral arrangements. Many of our clients get a great deal of satisfaction and peace of mind from knowing that their relatives are fully appraised about whether they want to be buried or cremated and also the type of service, music, flowers and donations to charities they would like.
These are important decisions and they have to be the right ones for you.
If you have a business, you will want to add a whole list of aims about how it will continue if you aren’t around, and how your loved ones are able to control it – and to what degree – and how to fully take proper advantage of any tax reliefs that you may be entitled to.
As with a lot of estate planning generally, it’s better to put these measures in place sooner rather than later and our expert advisers can explore the best way forward to achieve your aims.