Failing to draw up a will and take care of estate planning UK can cause many problems for your family when tragedy strikes. This is why taking time to sit down and consider your options as to how you should go about distributing assets and who should manage your wealth when you’re gone is critical if you want your estate to be preserved and in good hands. Getting your affairs in order is necessary regardless the size or value of your estate so you can make sure that your assets will be inherited by the beneficiaries you choose. Here are some useful estate planning UK tips for you to follow when drawing up your will and estate plan:
- Be clear about who gets what. Without a proper will, the law will determine who gets your assets. By taking the time to write your will, you can be sure that your prized heirloom is going to be under the care of a person you can trust, or that your business will fall into the hands of an able loved one or beneficiary who will continue your legacy.
- Check beneficiary nominations for your tax-deferred retirement accounts and insurance policies. Your will might not cover these assets, as they are governed by separate sets of terms and agreements.
- Choose how your assets will be allocated and spent. It is also best to specify how you want your assets to be distributed. This is where setting up trusts for specific funds come in handy, such as your children’s university education or the care for your special needs child or loved one.
Finally, consult with an estate planner who can help you minimize inheritance tax. This will help you guarantee that your loved ones will not see their inheritance drastically reduced by the state taking a sizeable cut.
