People devote more time to planning holidays and deciding where to have dinner than they do to thinking about the future of their assets.
While tax and estate planning doesn’t come with the same urgency or relevance as what vacation to take next, or what restaurant serves the best surf and turf platter, it is something that you should seriously consider as soon as you have assets to protect. Without a proper estate plan, you lose the right and the opportunity to choose who gets what you have worked your whole life for.
Contrary to popular belief, tax and estate planning isn’t just for the rich and affluent. Failing to put an estate plan in place can have a lasting impact on the wellbeing and security of your loved ones. Regardless of whether or not you have a sizeable investment account, pricey home, or a valuable collection to pass on, an estate plan is an essential component of any asset management strategy. Below are reasons why you should take estate planning seriously:
- An estate plan prevents your hard-earned assets from ending up in the wrong hands or with unintended beneficiaries. Tax and estate planning enables you to dictate what happens to your assets during your mental incapacity or after your demise. You get the power to designate rightful heirs to your assets, be it your shares portfolio or your summer home, as well as the manner in which the asset will be distributed.
- An estate plan protects your family, especially your children by appointing their guardianship to people that you know will put their best interests at heart.
- Tax and estate planning also protects your heirs from huge tax hits resulting from their inheritance. Just the same, it eliminates feuds between family members who may think they deserve to receive more than another child or sibling.
Estate planners and specialists can guide you through the complex processes involved in creating a fair and sound estate plan that will protect the welfare and the future of your loved ones.
MVL Wills and Trusts of Battle, East Sussex, can help you with their tax and estate planning expertise. 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.