How to Control Your Estate Planning
Work out how your executor will handle your estate before you die. You need to make sure your property and assets go to the right people or charities. If you don’t, your property and assets could end up going into your inheritance tax.¹
Start With Yourself
Look after yourself first. Balance your needs and family needs carefully. Ensure you plan for your day to day living expenses and factor in emergency expenses.
The last thing you want is to run out of money when you desperately need it. With careful planning, you can ensure your needs, and the needs of your family will be looked after.
Use Your Wealth or Give It Away
As you reach retirement age, you will eventually start to spend some of your money. You generally spend it on necessary expenses or for emergencies. As people get to retirement age, they tend to spend less of their retirement income.²
Plan how your estate will be distributed, or you may find your assets going to the wrong institutions. The result being your family is left out in the cold due to lousy estate planning.
Plan and Budget
Make sure you plan where you want your money to go when you die. The best vehicles for this are wills or a trust for your family. That way, the financial needs of your loved ones will be looked after.
Be in Control
Make sure you do the following:
- Have a will made up and keep it updated regularly.
- Make sure your executor knows where your will is.
- Keep your will in a secure location.
Estate planning is a clearly defined plan that sets out your wishes when you die. It will help your executor to carry out your wishes and help your loved ones carry out your final requests.
The sooner, the better, it’s better to plan your estate now. This way, your assets will be distributed to your beneficiaries instead of having the state decide who gets what.
A will is a legal document that you need to draw up to lay out what your beneficiaries will get and what your final wishes are. Estate planning is the plan you create before you draw up your will.
The main benefit is you can avoid paying inheritance tax.
Taking control of your estate planning is something essential that we all have to do. It’s essential to be in control of your financial affairs and carefully plan out how you want your assets to be distributed when you die. Estate planning can help you to avoid paying inheritance tax and make sure your beneficiaries are well looked after.