Estate planning solicitors

Life can be unpredictable, which is why it is important to plan for the future, so that those you love are looked after.

In the event of your death or incapacitation, it’s vital that you have all the necessary paperwork and legal arrangements in place so that you can make sure your family and loved ones will be cared for. That’s why planning your estate is so important, so that you are aware of the total value of your assets and how you will divide it amongst those you wish to inherit it. By starting early you can work out how to most effectively pass on your assets, so as to reduce the amount of inheritance tax that will be calculated, as well as account for any debts and bills that will have to be paid.

At Moore Barlow, our skilled estate planning solicitors have successfully helped many clients to plan for their future confidently, so that you feel as though you have control over your assets and who they’ll be passed onto. We can also help you to set up trusts so that you know what your money will be used for and attempt to minimise the amount of inheritance tax with the right strategy in place.

What is an estate?

An estate refers to the total assets and property owned by a person, including their savings, investments, and personal possessions.

What is estate planning?

Estate planning is the process of planning for the future distribution of an individual’s assets and property after their death. This includes making a will, setting up trusts, and making arrangements for powers of attorney.

How can you pass on your assets in the most effective way?

There are ways to pass on your assets that will mean the amount of inheritance tax can be reduced and your loved ones can receive more long term. Seeking the help of an estate planning solicitor means that you can work out how to do this, as well as control how it will be used. Some clients want their money to be used for school fees or put into a savings account for the future of a grandchild, it is a very personal decision.

Making financial gifts to family and loved ones is an efficient way to gradually give away money with less inheritance tax applied to it. These can either be given informally or set up as part of trust funds that are controlled by a trustee, so that they can only be used at certain times and for specific purposes.

Can you pass on your pension?

In some cases, you may be able to afford to fund your retirement without having to access your pension. If this applies to you then you can make sure your loved ones are looked after by passing on your pension without it being taxed.

This also helps the size of your estate that is taxed to be reduced, which can also be useful when it comes to inheritance tax.