Estate Planning offers peace of mind since it helps protect your hard-earned assets for passing on as much of them as possible to your loved ones – ways it can do this include;
- taking advantage of any available tax relief
- mitigating the impact of long-term residential care fees
- setting down your last wishes in legally-binding form
- safeguarding the continuity of your business
Did you know?
If the value of your estate is above the inheritance tax threshold, then 40% of the excess will have to be paid to the Government / HMRC (or 36%, if you leave at least 10% to charity). The inheritance tax threshold (‘nil rate band’) is currently £325,000, although many property owners leaving property to direct descendants, may qualify for the additional £175,000 ‘residential nil rate band’ too. And married or civil partnership couples can often transfer any unused ‘nil rate band’ amounts between them.
Is Estate Planning for Me?
Everyone has an estate… “estate” simply refers to everything you own: your home and any other properties, bank/savings accounts, investments, life insurance, car(s), furniture, antiques, jewellery, family heirlooms and other personal possessions.