Estate Planning should be considered by anyone that would like to improve the financial impact to the families in the event of their death.
Effective estate planning can help to:
– Pass on your wealth quickly and easily. Some estate planning solutions can avoid the often lengthy and expensive process of probate, ensuring your loved ones receive your wealth more efficiently
– Help to keep your affairs private. This can be particularly useful for those with complex family circumstances
– Help to avoid potential tax liabilities. Using the right estate planning tool can help to mitigate or avoid serious tax consequences for your family
Provide greater control to the distribution of your assets
Trusts have been around in Britain for centuries where they were originally used for the control and protection of land. Nowadays the benefits of establishing a trust are recognised all around the world and they are not just limited to the wealthy and they are not complicating.
Trusts can play an especially vital role in Estate and Inheritance Tax planning, where a trust can help with:
– Controlling how and when your assets are distributed and to whom. This can help avoid probate and forced heirship on your death.
– Mitigate your potential liability to certain taxes, such as income tax, capital gains tax and inheritance tax.
– To ensure that plans for your estate adapt to potential changes in your family circumstances.