Estate Planning | Where to start and why it is so important

Estate planning is crucial for ensuring that your assets are managed and distributed according to your wishes, and that your loved ones are protected. Here are top tips for planning your estate effectively:

Create a Will

•    Clearly outline how your assets should be distributed
•    Appoint an executor to carry out your wishes.
•    Name guardians for minor children if applicable.

Consider a Trust

•    A trust can help ringfence assets and provide tax planning opportunities 
•    Trusts can also be essential vehicles for making effective provision for beneficiaries with learning disabilities.

Designate Beneficiaries

•    Update beneficiary designations on life insurance, retirement accounts, and payable-on-death (POD) accounts.
•    These override what’s written in your will, so keep them current.

Set Up Powers of Attorney

•    Lasting Power of Attorney | Property & Finance: allows someone to manage your finances if you’re incapacitated.
•    Lasting Power of Attorney | Health & Welfare: allows someone to make medical decisions for you

Create a Living Will or Advance Directive

•    Specifies your preferences for medical treatment if you're unable to communicate.

Review and Update Regularly

•    Life events (marriage, divorce, births, deaths, financial changes) should trigger a review of your plan.

Organise Important Documents

•    Keep all estate documents (will, trust, deeds, insurance, POAs) in a safe, accessible place.
•    Let a trusted person know where they are.

Plan for Taxes

•    Understand estate, inheritance, and gift tax implications. A member of our Wills, Trust and Probate Team will be able to advise on these. 

Include Digital Assets

•    Make plans for digital accounts, social media, and online banking. (link to our digital assets article) 
•    Document logins and designate a digital executor where appropriate.

Consult Professionals

•    Working with a legal professional who specialises in Estate Planning, will ensure your plan is legally sound and tax-efficient.

How Moore & Tibbits can help:

Our specialist Wills, Trusts and Probate Team offer comprehensive estate planning services tailored to individual needs. The team provide expert guidance to ensure your wishes are respected and your estate is managed efficiently. Whether you're looking to draft a will, establish a trust, or navigate estate administration, Moore & Tibbits provide expert legal advice to help you plan for the future with confidence.

Just call us on 01926 354704 or email: pcnewenquiries@moore-tibbits.co.uk.