Abacus Wills & Trusts can guide you through estate planning, trusts and estates
Usually incorporated into trust funds; estate planning is the process of arranging who receives what from a person’s estate, what things are being left to which person, and when they are to receive them. Not just for property, estate planning also includes all of a person’s chattels and belongings, and is therefore applicable to everyone (no matter how small or large their estate may be).
In the unfortunate circumstance that you should die or become incapacitated without having made an estate plan, the estate will be divided according to the laws of intestacy, and may not be left as you would have wished. For example, if you have children under the age of 18 and haven’t made an estate plan, the court may appoint guardians on your behalf, who will then be in control of your children’s inheritance. It’s therefore incredibly important to ensure that your affairs, trusts and estates are in order.
Estate planning can also help reduce inheritance tax on a person’s estate and the administration during the process of probate. Having an estate plan in the form of a trust or Will can therefore be incredibly beneficial in tax terms as well as informing decision making.