Prior to retirement, estate planning is usually focused on ensuring that your assets are directed to your chosen beneficiaries in the event of your death. (This is achieved by the use of Wills, Expression of Wish Forms, Trusts and Powers of Attorney)
A Will is the recommended starting point for most of our clients, who incorrectly believe that their spouse or next of kin will automatically inherit the whole of their estate in the event of their death. As part of your plan we review any existing Wills that you have in place and recommend any alterations and amendments if needed. If a new Will is required, our team of fully qualified Will writers are here to help you.
Expression of Wish forms
Expression of wish forms are important documents which are often overlooked and many do not understand that pension schemes are rarely governed by a Will. Therefore, it is vitally important that scheme trustees are given an indication as to your personal wishes in the event of your death.
Employers often provide additional in service benefits such as death in service schemes. These also require the completion of an expression of wish form.
As part of your financial plan we will review your existing wishes and make amendments if required.
We would recommend completing Trust Forms in conjunction with any life assurance policies / products. In the event of death, with a trust form in place the proceeds of any policies can be paid directly to the trust beneficiaries without the need for probate. This ensures ease of payment to your nominated beneficiaries at a difficult time and this could also mean the proceeds are exempt from inheritance tax.
Powers of Attorney
Howard Wright would recommend that individuals consider undertaking Lasting Powers of Attorney (both Health and Financial). These documents allow your nominated attorney to manage your affairs in the unfortunate event that you lose mental capacity or simply do not feel able to manage your own affairs anymore.
Howard Wright can assist in the completion of these forms.
The Financial Conduct Authority does not regulate Tax Advice, Will Writing, Estate Planning and Trusts.
What to do next?
Once you have done this one of our Chartered Financial Planners will then contact you as soon as possible, to discuss your estate planning and arrange your free initial Consultation.