Estate planning, wills and trusts are legal and financial devices that allow you to properly manage your assets and stay in control of your estate even after you are gone. Without one, power over your assets moves over to the state, which then gets to decide who gets what regardless of your heirs’ needs or your personal wishes.
Intestacy laws vary, but generally, assets are split between the surviving family if a person dies and leaves behind a spouse and/or children. For single people with no children, the state decides who among the person’s blood relatives will inherit the estate. To retain control over your assets through your incapacity or in your death, estate planning, wills and trusts must be in order. Otherwise, you lose the right to decide what’s best for your surviving family.
Making a will is especially important for those who have young children to care for as this is the best way to appoint guardianship of minors and make sure that they grow up with the right people who have their best interests at heart. Wills and trusts can be amended at any time in order to ensure relevance and accuracy. In fact, estate planning wills and trusts specialists advise a periodic review and update so that your assets and accounts can be safely transferred to your named beneficiaries on your passing.
A will is also useful for settling assets into a trust, which is another legal mechanism that allows you to set conditions on how your assets should be apportioned and managed after your death. A trust also helps you minimise inheritance tax, although a will is still a crucial part of the planning.
MVL Wills and Trusts of Battle, East Sussex, can help you put your affairs in order. A consultation is free and can be held at our offices or in the comfort of your own home. Call 01424 577070 or email info@mvlwillsandtrusts.co.uk for an appointment.
