What is the Significance of Estate Planning?

Nobody likes to think about or talk about death. However, it is more crucial than ever to plan beforehand to ensure that your matters are in place before you pass away.

Irrespective of age, money, fitness, or status, planning ahead helps ensure that your desires are carried out and that your loved ones benefit from your inheritance.

Taking the required measures and actions during your life can also help your loved ones avoid undue worry when handling your estate when the time arrives.

Here, we'll discuss the necessity of estate planning and making sure your affairs are in order.

 

1.    Maintaining an up-to-date Will

 

According to a survey, 61% of adults in the United Kingdom do not have a Will. This figure has been slightly reduced due to an increase in Wills reported towards the beginning of the COVID-19 pandemic. However, there are many individuals without a Will, which is particularly troubling.

 

It's critical to have a Will and keep it up to date. If you die without leaving a Will, your assets will be allocated according to intestacy laws, which may or may not represent your preferences. This could lead to inheritance conflicts among your family members during an already stressful period.

 

It is important to summarize your wishes clearly in your Will and keep it up to date as life events, such as a marriage, divorce, or a new family member, may require an update.

 

2.    Inheritance tax preparation

 

Work with a financial consultant to ensure that your beneficiaries get the most out of their inheritance. An estate planning lawyer can help you arrange for proper Inheritance Tax planning so that your estate pays the least amount of tax feasible.

 

3.    A well-thought-out Will

 

To ensure that the right provisions are made in your Will, you should consider a few key points. These are a couple of them:

 

·       Choose your Executors wisely.

 

Since the function of Executor carries a tremendous degree of responsibility, make sure your chosen Executor understands what the job requires.

 

It's a good idea to name more than one Executor if your first choice is unavailable or unable to act at the time of your death. In a Will, you can name up to four Executors.

 

·       Consider appointing a competent Executor to your estate.

 

Most individuals decide to appoint a professional Executor in their Will so that their loved ones can delegate administration to someone who knows what they're doing.

 

This can spare the family a lot of time and worry that the probate and inheritance administration procedure can bring.

 

4.    Have a conversation about your Will ahead of time

 

There are no legal requirements to discuss the terms of your Will, and you are free to keep things private if you so desire. However, this open and straightforward approach is encouraged when you leave somebody out of the Will or don't distribute your assets equally.

 

Look for an estate planning lawyer in Harlow who can help families through the painful period of losing a loved one. They should provide a range of services that can handle various aspects of the estate administration procedure or the entire process, alleviating administrative stress.