Estate Planning
An inevitable part of the financial planning process is the division of your estate. Many people put off this important area but it is vital to make sure that your affairs are properly in order. The Fry Group has a long history of helping clients with wills, inheritance tax, trusts and associated elements, and can guide you through the steps you need to take.
- Estate administration services to include acting as an Executor for your Will
- Creation of a will or power of attorney suitable for your wishes
- Up-to-date knowledge of the legal framework regarding Wills and Inheritance Taxation
- Creation of trusts to protect assets and reduce tax liabilities
- Advice on living wills and powers of attorney
- Friendly, discreet and professional assistance
More information about the estate planning matters you may want to consider is included below.
Wills
A will should be current, well thought out and above all a 'working document' which is regularly re-visited to take account of changes in family circumstances and tax laws. The document should identify your beneficiaries, detail any chosen guardianship for minors and appoint executors to ensure that your wishes are dealt with efficiently and considerately. Without a will, the distribution of your wealth and possessions will be decided by the law.
Inheritance Tax
Inheritance Tax may be applied to the whole of your Estate if you are domiciled in the UK, and to your UK assets if you are domiciled elsewhere. There may also be a charge in respect of gifts made in your lifetime. Writing a will in a tax-advantageous manner and using the various tax reliefs available will minimise the liability of inheritance tax on your beneficiaries.
Trusts
Trusts can be used to reduce tax or protect assets. The creation of a trust is a complex area and it is crucial to take advice from an expert who is knowledgeable of your situation and who genuinely wants to help you achieve your objectives.
To discuss your wishes for your estate in more depth, please contact us. Further information about estate planning is available in our Library.
