How to Control Your Estate Planning
Before you 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 tax1.
We’ll provide you with tips to make sure that you have the control over your estate planning.
Here’s the step-by-step process
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 income2.
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.
How does estate planning help me take control of what happens to my property when I die?
Estate planning helps you make decisions about what will happen to your property when you die. For example, it gives you a chance to decide who should receive your property, how much they should inherit, and what happens if no relatives are left alive.
How do you manage estate planning?
To take control of your estate planning, you should get a lawyer. A lawyer can help you write up and follow through with an estate plan tailored to your family’s specific needs. You will want to think about who will be in charge of distributing property after you die and how much they are allowed to keep. This person could be the executor or the trustee.
Can I do Estate Planning myself?
You can do some Estate Planning yourself. For example, you could make out a will and designate who should receive your property after you die or write up what happens with any property that is not left to an individual in detail. You may also want someone else to be the executor of your estate plan if there are many assets such as stocks, bonds, bank accounts, cars, or real estate properties.
What do Estate Planners charge?
Estate Planners charge a fee based on the complexity of your estate and the hours they spend working. Therefore, you should shop around to find an Estate Planner who best suits your needs, answers all of your questions, and experience your specific situation.
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.