PERSONAL SERVICES: ESTATE PLANNING

Few of us could live with the thought that we have not made adequate provision for family and friends who survive us.

The legislation that governs passing on your estate to your chosen beneficiaries requires you to plan well in
advance. Since none of us knows when we will die, this means making the necessary provisions now.
The earlier you make the arrangements, the greater your chance of taking full advantage of the tax opportunities
available and thereby maximising the amount that goes to your beneficiaries. Nothing is more demoralising
than the thought that a substantial slice of the wealth you have worked hard to accumulate will end up in the Government’s coffers!

It is equally important when planning to transfer your
estate that you make adequate provision for yourself
and your spouse in your later years. Striking this balance
calls for considerable skill and foresight - and a detailed
knowledge of the tax regime.
We can assist with the following estate planning areas:
• Help with drawing up and reviewing your will
• Making full use of exemptions and lower tax rates on lifetime transfers
• Optimising lifetime transfers between spouses
• Transferring assets into trust
• Arranging adequate life assurance to cover potential inheritance tax liabilities

Before drafting a Will, it is important to consider the value of your estate both
now and in the future. Estate planning is straightforward and will help you plan
what you wish to include in your Will.

Completion of the process will enable you to calculate the estimated
Inheritance Tax liability arising when each of you dies. This knowledge will
enable both of you to plan the terms of your wills so that you achieve a
sensible balance between the practical needs and tax saving.

You will have to add up the value of your assets and
liabilities, which could include the following:

Assets
Your home (is it in your sole name or jointly owned?), bank and building
society accounts, national savings investments, life assurance policies, pension
fund and union benefits on death, stocks and shares, unit trust investment,
premium savings bonds, furniture, interest in other people’s estates, property &
bank accounts abroad.
Liabilities
Mortgage, credit card debts, outstanding loans.

When you have completed this assessment you will have a much better
idea of what you are worth, which may be more than you thought!