HCR Law Events

23 June 2022

What is estate planning?

Estate planning is a broad area which involves looking at how your assets will pass to others and how to protect your loved ones after your death. It also involves looking at how you can pass on assets and manage your affairs during your lifetime.

One aspect of estate planning is ensuring that your will accurately reflects your wishes, so that your estate passes on to the right people after your death.

If you do not have a will, this is known as an ‘intestacy’ and you will not be able to control who your estate passes to.

You may want to preserve wealth and ensure that assets are protected for future generations or look at succession planning for your family business. You may have concerns about how to benefit your spouse or children from an earlier marriage, or there may be vulnerable beneficiaries involved whom you want to protect.

Estate planning includes reviewing your tax position with a view to minimising the inheritance tax payable on your death. This can include ensuring your estate meets the criteria for the Residence Nil Rate Band, which can result in up to a further £350,000 passing to your beneficiaries free of inheritance tax.

We can also advise you on the most tax-efficient way to make gifts during your lifetime and how to ensure that you make full use of any available gift exemptions.

We can also consider inheritance tax reliefs that may be available on your death if you own business assets or agricultural property, and advise you on how to ensure that your estate is eligible for these reliefs.

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About the Author
Alexandra Svennevik, Associate (TEP)

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