Estate planning is the process of deciding how your property, money and other assets should be managed during your lifetime and passed on after your death.
A comprehensive estate plan may include a professionally written will, trusts, Lasting Powers of Attorney, inheritance tax planning, lifetime gifts and arrangements for particular beneficiaries.
Estate planning is important because it gives you greater control over who benefits from your wealth and when they receive it. It can also help protect vulnerable beneficiaries, provide for children from previous relationships, reduce avoidable tax and make the administration of your estate easier for your family.
Estate planning is not only for wealthy families. Anyone who owns a home, has savings, runs a business or wants to protect particular people can benefit from putting a suitable plan in place.