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Estate Planning


What is Estate Planning?

Well simply put, estate planning is essentially about looking at the wider picture. Making provision for your partner, your children and grandchildren using tools like Trusts in order to ensure your estate goes to the correct people. Modern families are a lot more complicated nowadays and it’s common for situations where there are previous spouses, children from previous relationships, siblings or children divorcing and so on.

With a correctly planned estate we can make provision for specific beneficiaries, guardianship, funeral wishes and arranging gifts and future income for our loved ones. Importantly, estate planning can help to minimise tax liabilities of an estate and so reduce the inheritance tax that may be due on your estate. Inheritance Tax (IHT) is payable on everything you own at the time of your death. This includes your house, personal items of jewellery and furniture, savings, cars, life assurance – everything!

In addition, assets can be protected against potential Care Home Fees in case of long term poor health. A simple Will may not plan for these eventualities this so we at True Blue Wills can highlight any issues that may arise and advise accordingly.