Key Takeaways

  • Estate planning services cover a range of later life needs, such as Will Writing, inheritance tax planning, and utilising Trusts
  • Planning ahead can save your family a lot of stress
  • If you own a business, your needs are complex and it's advisable to seek advice on how to manage your estate after death
  • Estate planning forces you to think about the future and this might help you and your family to financially prepare

What are Estate Planning Services?

Estate planning Services involve the process of getting your finances in order so that they will be taken care of after you die. It includes creating documents such as a Will, trusts, and powers of attorney, whilst looking at tax implications and the future sustainability of your business.

Estate planning services exist to review your assets ahead of death. It involves planning for the transfer of these assets to your beneficiaries, or next of kin, in a tax-efficient way.

Why Is Estate Planning Important?

Estate Planning is incredibly important because not having a plan for your estate can have unintended consequences for your loved ones. It can result in them losing a significant portion of their inheritance due to unnecessary inheritance tax and care fees. Additionally, in the unfortunate event of a divorce or relationship breakdown, without proper estate planning, your assets may not be distributed as you would have wanted. It's crucial to consider these factors to protect your wealth and ensure your beneficiaries are taken care of.

Do You Need Estate Planning Advice?

Are you thinking about writing or altering your Will? Reviewing or setting up your Trusts? Planning Your Estate?
We can help you find a later-life specialist to offer you the very best advice for you. Complete our Sunny Fact Find form to provide us a bit more detail about your circumstances and we'll find the best-suited adviser for your needs.
Your appointed adviser will contact you to discuss how they can help, you decide how to proceed.

What do Estate Planning Services Cover?

Estate Planning services look after your assets, including your house, possessions, and belongings, and how these are to be managed after death.

Estate planning can also look after gifts, trusts, charity donations as well as your final will and testament.

If you have a straightforward estate, you may just require Will services. However, depending on how complex your needs are, a full estate planning service might be the best option.

Estate planning is a combination of a few different specific services you can expect when reviewing your later-life needs. When you meet an estate planning adviser, you can expect to discuss services such as:

Overall, it's a very comprehensive service designed to cover every possibility not considered which could impact your wishes in later life.

Benefits of Estate Planning

Taking the time to explore estate planning can be advantageous for you and your family. Although it may be a conversation many people put off, it is one that is needed. Some of the benefits of estate planning are as follows:

  • Estate planning forces you to understand the value of your estate and how it might change in the future. You may decide to amend your plans based on any realisations you have once you begin thinking more seriously about the future.
  • It provides an opportunity to reduce any inheritance tax liabilities by putting a plan in place to take advantage of tax rules and gift allowances.
  • It helps your loved ones prepare for the future - Having an open conversation with your family can help to improve their financial security and even help them plan better for their own finances.
  • Estate planning might allow you to make preparations to support your family now - by making gifts in an attempt to avoid the 7-year tax, they may decide to use these gifts to help improve their finances.

Estate Planning Services for Businesses

If you own a business, estate planning can be complex.

You will need to consider what happens to the business upon your death. You can choose to close the business, leave it to family members, or give your business partner the ability to purchase the shares from your estate.

It is important to make your intentions clear. Planning in advance for this can help reduce the stress of dealing with these complex matters, especially in what is already a very difficult time for your family.

Within estate planning, another point to review is what can happen to the business should you not be able to make decisions on your own anymore. Should you lose mental capacity through accident or illness, assets could be frozen. This could be very disruptive for the business. Lasting power of attorney allows you to appoint a trusted person who could make decisions on your behalf, should you be unable to do so. The lasting power of attorney can be implemented specifically for business decisions.

If you leave this too late and do not appoint someone on your behalf, you could lose the ability to decide who is able to do this.

Estate planning services can also include the use of trusts, tax planning services, and cross-option agreements. A cross-option agreement allows each business partner to offer the other business partner the ability to buy the shares of a deceased shareholder.

Estate Planning Services and Advice

If you're not sure where to start with estate planning services and advice, complete the Sunny Fact Find for Estate planning. The answers you provide help us to find the best-suited adviser for your needs. The adviser then contacts you to discuss how they can help. You decide how to proceed.

Estate planning advice is crucial for getting your financial affairs in order according to your wishes for after you pass away. Seeking professional guidance can help you navigate complex legal and financial considerations involved in estate planning. Estate planning advisors can assist in creating a comprehensive plan that includes drafting a will, establishing trusts, minimising estate taxes, designating beneficiaries, and ensuring a smooth transfer of assets. They can also provide guidance on strategies to protect your wealth, plan for incapacity, and address any unique circumstances or family dynamics. With their expertise, you can have peace of mind knowing that your estate will be managed and distributed in accordance with your intentions, providing security for your loved ones and preserving your legacy.

Estate planning is the collective name for services that deal with what happens to your assets and belongings after death. This can vary in complexity and for more complex individuals the estate planning service exists to look after the finer details of areas such as business, trusts, and tax planning.

It is a good idea to seek advice about estate planning. Later life or financial advisers can understand and assess your needs to be able to make decisions clearer for you. Estate planning services can be bespoke, and advice is tailored to your needs.

An estate plan can help keep your business and assets out of your estate via trusts. This can allow ownership to be transferred and excluded from the inheritance tax count. Rules around tax can change frequently so it is a good idea to seek advice to stay up to date about how an estate planning service can help you.



Finding Advice

Insights from the experts

Sunny Avenue

Can Executors Live in Estate Properties Rent-Free?

9 Jul 2023

Understand legal considerations, restrictions, and alternatives for effective estate administration.

Sunny Avenue

What is the 7 year rule in Inheritance Tax?

14 Jun 2023

A guide to the 7 year gift rule in inheritance tax, what you would need to pay and how to minimise it.

Sunny Avenue

Gift Inter Vivos

14 Jun 2023

How can Gift Inter Vivos Insurance be used to help with the Inheritance tax costs involved with Gifting?

Sunny Avenue

Can I Give My House To My Children?

14 Jun 2023

Gifting a property to your children can be a complex process, with various considerations to keep in mind...

Sunny Avenue

Can I use equity release to pay off my mortgage?

21 Mar 2023

The decision to use equity release to pay off your mortgage is a personal one that should be carefully considered.