February 1, 2020

What does the term estate planning mean and what is there to consider?

Estate Planning

The expression estate planning refers to the planning that a person puts in place to help protect, preserve and pass on wealth as well as the plans made to ensure that other people can manage decision making at a time when the person cannot make those decisions themselves.

It is wrong to assert that Will writing and estate planning are the same, rather, the Will should be seen as a necessary component part of a wider estate planning strategy.

An estate planning strategy would normally encompass not only Wills, which are nearly always needed, but also Will trusts and/or lifetime trusts as well as Powers of Attorney. It could also be argued that those people serious about passing wealth to loved ones should also consider matters such as Life insurance or Critical/Terminal Illness cover. However, this is where the line between estate planning and financial planning should be drawn. What this points to is the need for estate planners and financial planners to work closely together.

Estate planning is not something that only applies to the wealthy, all be it, an additional aspect applies to more affluent people, namely, Inheritance Tax planning. It is a fact that the various threats that may stand in the way of someone passing wealth down, such as care costs in later life, can have a greater impact on those with more modest estate values than indeed those with large estates. As such, estate planning is important to everyone concerned with passing wealth down and to those that want their affairs to be managed by trusted people during life. The first step is to sit down with an expert to understand options and next steps.

Fortis Law will provide advice in a balanced and professional manner, putting you in control of next steps and enabling you to plan sensibly and affordably for family and loved ones.

During appointments with Fortis Consultants, we will discuss your circumstances, listen and find out what you would like to achieve and then we'll suggest a plan to help put plans in place. Peace of mind is one of the biggest benefits of estate planning and knowing that you're removing any stress, potential headaches or burdens from loved ones later down the line is key.

It starts with an informal conversation. Got any questions? Speak to Fortis today.

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