Will Writing & Estate Planning
The process of planning what will happen to you, your loved ones and belongings in the event of your death.
Estate Planning encompasses:
- Will: The document that lays out your decisions for what happens upon your death
- Trusts: A way of protecting assets and passing them on to others
- Lasting Power of Attorney: Giving someone the power to make decisions on your behalf if you need them to
- Business Succession Plan: Deciding how to pass on your business, if you own or co-own one.
What’s the difference between will writing and estate planning?
Simply put, estate planning is planning what happens to your estate. Your “estate” means everything you own: your money, property, possessions, any shares or investments and so on.
Writing a will is one of the steps you can take to help you plan your estate for the future – specifically what happens when you die.
Other estate planning tools might be helpful whilst you’re alive, such as a Lasting Power of Attorney which can help you, should you need others to make decisions on your behalf.
Therefore, a will is an important part of the broader estate planning process.
Frequently Asked Questions
- Get in touch using our contact forms and we’ll arrange a meeting with one of our estate planners.
- You should prepare for your meeting: list your assets and think about decisions you’d like to make so that you’re confident in your choices.
- Meet with your estate planner who will discuss your needs and put together a plan with you.
- The elements of your plan will be created. For example, a will document will be drafted, a trust might be set up and an LPA may be created.
- You will review the relevant documentation and sign in the presence of witnesses.
- Periodically, you or we may review your plan to ensure it’s still best suited to your needs and wishes.
- If you ever need to make changes to your plan, simply get in touch.
- Assets: List your assets: bank accounts, savings, pensions, shares and investments, property and important possessions (whether expensive possessions like a vehicle or something of sentimental value). Make a note if you own any of these assets with another person and then decide who you want to pass on your assets to.
- Dependents and pets: If you have children, pets or a vulnerable adult in your care, decide who you’d wish to take care of them should you die before expected. You should consider this carefully and discuss with the person or people you choose.
- Executors: Decide on the person or people best positioned to handle the administration and ensure your will is enacted. You should discuss this with the person or people you choose.
- Charities: Consider whether you would like to make any charitable donations in your will.
- Funeral: Consider whether there are any particular arrangements you want to be made for your funeral?
- Complexities: Life and family are not always simple. There might be situations where you’d wish to exclude certain people from inheriting your assets. Perhaps there are complex family structures involving previous marriages and step-children. Be prepared to share these details with your estate planner as they may affect the decisions or recommendations made within your estate planning.
- Lasting Powers of Attorney: Consider who you would trust to make decisions on your behalf with regards to your health or finances (these could be two different people). You may wish to discuss this with the people you choose.
- Financial advisor: If you have a financial advisor or accountant, gather together their contact details.
- Business: If you have a business, gather information about its ownership and assets. Think about what you’d like to happen to the business should you die. Do you want it to continue running? Who should run the business or own shares in your stead?
If you have any further questions or wish to meet with an estate planner, get in touch.
Browse Other Resources
Probate is the process of dealing with a person’s estate and following their will.
Putting something into a trust is a way of deciding how it is passed on to someone else.
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