1. What is estate planning, and why is it important?

Estate planning is the process of arranging and managing your assets to ensure they are distributed according to your wishes after your death. We can help you to minimise inheritance tax, avoid disputes, and provide for loved ones.

2. Do I need an estate plan if I don’t have significant assets or property?

Yes! Estate planning is important for everyone, regardless of your personal and financial background. It ensures your assets are protected and your dependants are looked after according to your wishes.

3. What are the main components of an estate plan?

An estate plan typically includes:
– A will
– Lasting Powers of Attorney
– Advice on minimising Inheritance Tax
– Advise on setting up trusts and trust documents*
*This depends on your specific circumstances

4. What is the role of a will in estate planning?

A will is a legal document that specifies how your assets should be distributed after your death. It also allows you to appoint guardians for minor children and executors to manage your estate.

5. How can I minimise inheritance tax through estate planning?

Effective estate planning strategies can include gifting, establishing trusts, utilising allowances and exemptions, and taking advantage of the residence nil-rate band. Speak to a solicitor to discuss which strategies will benefit you and your family.

6. What is a lasting power of attorney and why is it essential in estate planning?

Lasting Powers of Attorney are legal documents that designate someone to make financial and healthcare decisions on your behalf if you become unable to do so. It helps ensure your affairs are managed according to your wishes and mitigates the impact of any severe health issues on your goals and plans.

7. How can I ensure my digital assets are included in my estate plan?

You can specify instructions for your digital assets in your will or designate a digital executor to manage your online presence, including social media accounts and digital files.

8. When should I update my estate plan and will?

It is recommended that you review and update your estate plan and will whenever you experience significant life events. This can include marriage, divorce, the birth of a child, a change in financial circumstances, or purchase of a property

9. What is the role of a solicitor in estate planning?

A solicitor can provide expert guidance on the legal aspects of estate planning, draft and review documents, and help ensure your plan complies with English law. If you are a property investor or landlord having a solicitor that specialises in estate planning and wills for clients with property portfolios is a must.

10. How can I make sure my estate plan complies with English law and the laws of any other relevant jurisdictions?

We can help you ensure that your estate plan complies with English law and liaise with advisors from other relevant legal jurisdictions to ensure compliance.

11. Can estate planning help protect my business assets?

Yes, estate planning can include provisions for the smooth transfer or continuation of a business in the event of your incapacity or passing, helping to safeguard your business interests.

12. What is the difference between a living will and a last will and testament?

A living will (advance healthcare directive) outlines your medical treatment preferences while you are alive but unable to communicate. A last will and testament outlines how you wish your assets to be distributed after your death.

13. Can estate planning help with long-term care arrangements?

Yes, estate planning can include provisions for long-term care, such as creating trusts or other financial arrangements to cover potential care expenses.

14. Can I limit public access to details of my estate planning?

Yes. This is something that trusts can help with, as well as other legal mechanisms. They can be set up and utilised to maintain privacy and to prevent the details of your estate planning from becoming public record.

15. How much does estate planning typically cost?

The cost of estate planning varies depending on the complexity of your estate and the services required. A solicitor can provide a personalised quote after an initial consultation.

If you wish to set up an initial consultation with one of our highly qualified solicitors at OCG Legal, call 01724 840400 or email us at enquiries@ocglegal.co.uk.

Remember that the information provided here is for general guidance and should not be considered legal advice. It is essential to consult with a qualified solicitor for tailored advice and estate planning services in the UK.