Welcome to our page on Estate Planning. Our Estate Planning lawyers are keen to support you, protecting your loved ones and giving you the peace of mind to live your life to the full.
What is Estate Planning?
Estate Planning is an intricate and involved process which involves the legal and financial elements surrounding preparing your estate. Estate planning involves inheritance planning, preparing Wills and occasionally making Trusts so as to mitigate and reduce inheritance tax liabilities.
Who Requires Estate Planning?
Estate Planning is vital for many individuals who are reaching a stage in life where they want to prepare what to give to others. This includes:
- recently bereaved spouses;
- those approaching retirement; and
- people buying or selling their first house.
What is an Estate and Why do You need to do Planning?
Your Estate is a collection of assets and possessions which you have acquired and kept over your lifetime. For many people, this includes money in their bank account, a house, shares in publicly listed companies and in certain instances your pension. Without Estate Planning, when you pass away, your assets would be distributed in accordance with the law, which means that you could have little control over who your assets are left to. In certain circumstances your entire estate could pass to the State. This is why it is important to plan who to pass your assets to.
Why do you need Estate Planning?
There are a number of reasons why you need to plan:
- Provide certainty to your beneficiaries regarding what they receive (thereby avoiding contentious probate and unnecessary disputes);
- Minimise the inheritance tax which your estate will have to pay upon your passing away.
How can Estate Planning help you?
Estate Planning is the process of analysing and reviewing your estate to make sure it is passed to those people whom you want to receive it. Secondly, it is the process of making your Estate tax-efficient so that it is distributed in the most tax-efficient manner possible. This means that the people you love benefit and can take advantage through the certainty of knowing what is due to them, along with paying reduced taxation. Effective Estate Planning gives you peace of mind, knowing that your assets will be distributed to the people who deserve it. Lastly, effective Estate Planning reduces the stress upon your family and acquaintances if you pass way.
How long does Estate Planning Take?
Estate Planning is an involved process and there can be many moving parts. If you were to prepare a Will, this could take a few weeks, however if you would like more in-depth Estate Planning, including the creation of Trusts alongside inheritance tax consultancy, then this could take longer. To consult with one of our Estate Lawyers confidentially, please get in touch.
Can the Estate Planning Process be Sped Up?
There are certain elements of Estate Planning which require a minimum time to prepare and complete, however where there is an urgent deadline, we are able to analyse the work to be done and aim to work to your deadlines.
What Estate Planning Services Do We Offer?
- Wills, including last Will and Testament
- Powers of Attorney
- Lasting Powers of Attorney
- Inheritance Tax Planning
What is digital estate planning?
There are 2 elements to digital estate planning. With the advent of the internet, our services can now be carried out for the most part online, which, in the prevailing circumstances, means we have the facility to reduce face-to-face contact should you prefer.
The second aspect of digital estate planning involves the possession of digital assets; a lot of people purchase assets today which are digital. Whether people have bought cryptocurrencies, such as Bitcoin, Ethereum or NFTs, in today’s world assets are not confined to our physical environment; they can exist digitally. Given that digital assets are a new and emerging asset class, it is important to obtain the correct advice. Leverage the expertise of our Estate Planning Lawyers today, so that they can walk you through the process.
Why Choose Pacific?
- We are experts in estate planning services;
- We offer fixed prices for most of our Private Client work;
- We treat your case confidentially and act discreetly.
Where are we?
Our Estate Lawyers are based in Manchester, but given the firm’s technological infrastructure, they are able to provide Estate Planning services to clients across England and Wales.