Estate planning Oswestry

Administering an estate is described as handling both the tax and legal affairs of an individual upon their death.

The legal obligations of estate administration include paying debtors, distributing assets and settling an inheritance tax (IHT) bill. This process is complex and requires considerable care. 

When those charged with administering an estate are coping with the loss of a family member or friend, the pressure of fulfilling these responsibilities can feel overwhelming, but help is on hand from experts in estate planning. 

If someone has nominated you as estate executor, our specialist team of certified solicitors has in-depth experience and can support you as you perform your duties. This includes helping you avoid disputes and costly errors, ensuring you have peace of mind during this difficult time. 

Our estate planning experts in Oswestry are ready to offer compassion and support while advising you during the process of estate administration.

What does estate planning involve?

Estate planning means making formal decisions regarding transfer of your personal assets to family members, friends and institutions, like charities or foundations. Assets can include but aren’t limited to, property, vehicles, investments, jewellery and savings.

Putting plans in place enables you to pass on wealth tax-efficiently, allowing you to leave more to your beneficiaries.

Efficient planning also lets you minimise unnecessary expenses like court costs, legal fees and IHT tax bills. Plans can include placing certain assets in a trust, updating your beneficiaries or realigning assets.

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Points to consider when estate planning in Oswestry

Your plan must name beneficiaries and the assets you allocate them. Detail how assets are transferred to make the process straightforward and tax efficient.

You can include instructions on your finances and personal care should you become incapacitated and establish disability insurance to generate income during an illness or an injury. A life insurance policy is usually part of the plan, so that dependents have sufficient provisions upon your death.

Instructions of business asset transfers should be detailed, and parents can appoint a legal guardian to care for their children.

Personal circumstances and UK laws are always subject to change. As a result, it is essential that you keep your plans current. Review and update your estate plans regularly to ensure they are still fit for purpose and reflect your wishes.

Do you need help with estate planning in Oswestry?

Our team offers a trusted estate planning service, so contact us now at Hartey Wealth Management for help with estate planning in Oswestry.

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