You and yours - estate planning
Estate planning – too important to put on hold
All too often, people put off estate planning. This is understandable as, rather than preparing for the here and now, it requires you to consider what will happen when your life is over, hardly something most of us rush to contemplate. Consequently, estate planning often becomes, and all too often remains, a do-it-tomorrow task. When it could suddenly become all-important… it might be too late. After all, accidents and illness and do happen.
Think what can be achieved by arranging your estate planning now:
- You decide on the choice of beneficiaries If you do not set out in a will whom you wish to benefit from your estate, then the State will do it for you. The results are not always what you would expect and can create unnecessary tax liabilities.
- You decide what goes to whom You might want to leave a particular item to a particular person. Without estate planning, those wishes may not become reality.
- You decide the structure Leave it to the State to distribute your wealth and normally anyone aged 18 or over will receive their inheritance outright. In some families, that will not be an issue, but in others placing some constraints on how an inheritance is handled could be essential.
With estate planning in place, you will have addressed these important issues rather than left them on permanent hold. However, like all other aspects of financial planning, your estate planning will need regular review.