Estate Planning
As it is a certainty that one day you will leave your wealth to others either before you die, or on death, then planning this succession makes a great deal of sense.
It is important to understand that Estate Planning is not the same as Inheritance Tax Planning.
Inheritance Tax is considered a voluntary tax, in the sense that it is relatively easy to avoid it.
However, many people find the desire to avoid Inheritance Tax clashes with their need to look after themselves during their lifetime.
It is also important to reflect that passing wealth on can be an incredibly challenging matter, including the practicalities involved, such things as dealing with a Will and probate as an executor or having to make funeral arrangements.
There is a massive amount of lost wealth in the UK because of documents being misplaced and many items on the unclaimed assets register. Having untidy affairs can be costly and a problem for beneficiaries.
Estate Planning encompasses all these aspects in one way or another, including the goal to reduce or eliminate an Inheritance Tax liability.
Our video “Estate Planning” investigates this further, and you can view this on our
resources page.
