Estate planning Cheshire

Estate administration refers to managing the tax and legal affairs of a person who has has died.

This involves legal duties like paying debts, distributing assets, and calculating and dealing with inheritance tax (IHT). An often-complicated process under normal circumstances, when people are bereaved and coming to terms with the loss of a loved one, estate administration can sometimes be an overwhelming task.

If you’ve been nominated as an estate’s executor, our team includes expert solicitors with experience of estate administration that can help you to perform your legal responsibilities. We can help you sidestep expensive errors and disputes, and provide you with peace of mind.

Our dedicated team of estate planning specialists in Cheshire is always available when you need advice, support and compassion in your role as executor.

What is estate planning?

Estate planning involves putting decisions in place regarding the transfer of your assets (like money, investments and property) to friends, family members and organisations of personal importance.

Planning allows you to pass assets on tax-efficiently, so you can leave more for your important people, charities and trusts.

Effective planning enables you to minimise unnecessary legal fees, tax bills and court costs. Plans might involve putting assets in a trust, aligning assets or updating or completing beneficiary designations.

What should an estate plan include?

A sound plan should detail all your assets and name the beneficiaries you wish to receive them. Steps should be stated that simplify asset transfer and make the process tax efficient.

Plans can also include instructions regarding your financial affairs and personal care if you’re incapacitated, as well as disability insurance providing income in cases of injury or illness.

Life insurance so your family has adequate provisions and insurance to cover the cost of care for a long-term illness is also commonly added.

Detailed instructions on how business assets are transferred may be included, and if you have children, you can appoint a guardian to care for them. You can also state provisions for a family member with special needs, who struggle with financial issues or require protection from creditors.

As your life evolves, so will your plans. As a result, estate planning is a continuous process. You should review and revise your estate plan periodically to meet changing circumstances of your family and finances in line with any amendments to the law.

Are you in need of assistance with estate planning in Cheshire?

Our dependable team of independent financial advisers offer a comprehensive estate planning service. Reach out to us today at Hartey Wealth Management for estate planning in Cheshire.