Spring into Estate Planning… Embrace the Season of New Beginnings!
The sun is finally peeping out, the daffodils are in full bloom and the 2023/24 tax year has (finally) ended! The end of winter always highlights how beautiful the start of new beginning are, and always offers an opportunity to start a fresh.
So whilst you’re going about your annual spring clean, consider extending the physical clean to your estate planning and take the opportunity to review your long term plans. The fresh start can help us to be more proactive a get those tasks “ticked off” our lists at long last!
Understanding the Basics of Estate Planning
Estate Planning is the concept of making a plan (both long and short term) for your affairs. It is important as often to make the most of tax advantages or legal documents, time is critical, and therefore should be planned well in advance (often years).
Estate Planning consists of considerations such as creating a Will, creating a Lasting Power of Attorney, investing, tax planning and much more.
How to Get Started with Your Estate Plan This Spring
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Make a comprehensive list of your assets, including account details
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Take a moment to consider your health and long-term living arrangements. Are you thinking of moving to assisted living, or is it likely you will require care, either at home in a residential setting?
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Think about how much money you require for your current lifestyle and how much you may need should your requirements change in the future
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Think about who should look after your financial and health decisions during your life should you become unable to do so
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Review your asset list and think who should benefit from this money after your death
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Consider who should be in charge of sorting out your affairs after your death
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Consult with professionals: our job is to bring all of these considerations together and come up with a cohesive plan to achieve what you want, whilst keeping your assets protected for you, your family or others.
Common Estate Planning Mistakes to Avoid
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Procrastination – as above, estate planning can be time critical and leaving it too late can mean that options for planning are limited.
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Not reviewing and updating your plan – life changes! People marry, divorce, have children and pass away. Your estate plans can change dramatically as your family changes, and it is important to keep up to date to ensure that your family don’t lose out.
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Forgetting Digital Assets – remember to address online assets such as PayPal, Gambling Accounts and Cryptocurrencies.
Making Estate Planning a Family Affair
Estate planning can be stressful, and can often be difficult to navigate when there are complex family structures. Speak to your family and loved ones about what your wishes are as well as what their plans are and there may be a solution to encompass all of your needs and clarify any difficult decisions.
Planting the Seeds for a Secure Future
So how do you get started? Once you’re ready to seek professional advice, contact us on 0116 212 1000 to speak to one of the Probate, Wills and Trusts Team for a one-off meeting to review your circumstances and obtain their advice.
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