Your estate is everything you own – your home, your car, bank and savings accounts, investments, life insurance, income protection etc.
Estate Planning is the process of managing ‘your estate’ during your life and then the disposal of it after your death, whilst minimizing all elements of taxation including inheritance and capital gains.
Without taking the right advice and planning accordingly then HM Revenue and Customs could become the greatest beneficiary from your estate following your death.
The objective of estate planning is to maximize the value of the estate while minimising taxes and expenses whilst ensuring that your wishes are carried out.
Ultimately the goals for your estate will be determined by your specific goals and these can be wide and varied.
You may wish to share some of your wealth with your parents or children whilst you are still alive rather than after your death. Whatever your reason for wishing to share your wealth our independent advisers can assist you with intergenerational wealth management and ensure that your family wealth last through your own life.
In summary estate planning is the making of a plan in advance and naming those whom you want to receive your assets you own after you die. It also allows you to include instructions for your care should you become disabled. It allows you to determine who will become guardians for any minor children, provide for other family members and loved ones. It can cover how your business should be transferred at your retirement, disability or death. The list goes on.
You may want to consider long term care planning, either for yourself or a loved one and will need to understand current state benefits or powers of attorney or information on care homes.
Estate Planning will involve the writing of a Will and we can advise on how best to achieve this.
Estate Planning is an ongoing process, not a one time event. It should be prepared and reviewed and updated as required as your circumstances change.
Life Insurance and Protection
There are many different types of Life Insurance available, some of which protect your dependents, others protect a mortgage in the event of a premature death.
It is important you get the right life insurance product for your needs in what can be a confusing market place.
By working with an independent financial adviser from TFA you will benefit from their expertise and independence in the recommendations they make to you meaning the product you select will match your requirements.
To book an appointment with one of our advisers to discuss your estate requirements please call us on 0800 389 9708 or email firstname.lastname@example.org