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Estate Planning

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What is Estate Planning?

Estate planning is the act of organizing one's assets to protect the individual, their family, and other parties, including any charitable organizations to which they may be connected. The strategy calls for defining the ownership and type of title on each asset, including real estate, shares, bonds, bank accounts, retirement savings accounts, and others. Estate planning is frequently designed to meet the unique needs of the individual and addresses issues like incapacity or death.

A person must make estate planning a priority if they want to ensure that their wishes are carried out with regard to their assets. Having an estate plan is something that many individuals frequently forget about or put off doing, which causes problems for the family. Remember that a thorough estate plan can assist you in resolving any legal complications that might occur after your passing. An estate plan will make sure that your family's financial needs are satisfied and that your assets are dispersed to the individuals or organizations you choose to receive your estate in a timely and suitable manner while using a tax-efficient procedure.

Powers of Attorney

Planning ahead and giving your family the opportunity to handle your affairs will relieve them of a great deal of stress and trouble should the unexpected happen to you.

Trust

Several trusts exist that can legally shield your beneficiaries, your estate, and you. Finding the trust that will work for you is the key. Count on ECARG to tell you which kind of trust will give you the security you require.

Probate

Obtain helpful support for probate. Reduce future expenses and worry for your family as a result, making life easier for those who are left behind.

Learn more about our Estate Planning

It is critical to safeguard your property and other assets to prevent them from ending up in the wrong hands in the event of your passing. You want to confirm that everything is handled the way you desire and anticipate it becoming.

  • Protect your home and savings from threats.
  • Ensure your property and capital is distributed to beneficiaries in line with your personal wishes.
  • Avoid crippling inheritance tax.
  • Safeguard your assets from being frozen.
  • Receive help in administering the estate of a loved one who has passed away.
ECARG provide the full complement of Estate Planning services to clients across Uk.

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Frequently Asked Questions on Estate Planning

What is estate planning?

Estate planning arranges for the transfer of an individual's property after death and may involve a will and/or trust, or the application of state intestacy laws.

Why do I need to plan?

Estate planning allows an individual to decide exactly who will benefit from their estate, and to what extent. It also ensures that the estate will not be destroyed by taxes imposed on the transfer of assets at death.

What is my “estate”?

An estate consists of all property owned at death before it is distributed by will, trust, or intestacy laws. An estate may contain both real property (real estate, including houses and investment properties) and personal property (all other property, including bank accounts, securities, jewelry and automobiles).

What is probate?

Probate is the process that courts use to enforce the provisions of a will and deal with any disputes regarding the decedent’s estate. After an individual dies, the person named in his or her will as executor will file papers with the court informing the court that the individual has passed. If there is no executor named in the will, the court will appoint someone to take on the role of executor. Next, the executor must prove the veracity of the individual’s will and provide the court with an inventory of the decedent’s property and debts, as well as a list of people who are named in the will as beneficiaries. A beneficiary is someone who is provided with a gift in the will.

Probate can take over a year to complete because of the many steps that the executor must accomplish. The more complex and intricate the estate or will, the longer it will take to tie up loose ends.

What are trusts

A trust is a written document that places your assets into a trust for your benefit during your lifetime and that provides for the transfer of those assets to a specified individual or individuals upon your death. In many cases, these individuals are referred to as secondary beneficiaries. Unlike with a will, legal title to the identified assets is placed in the trust. The beneficiary will appoint a third party to serve as the trustee of the estate. The trustee is responsible for managing the trust’s assets and seeing to any transfers that are necessary upon the beneficiary’s death or incapacitation.

What is a power of attorney?

A power of attorney is a document that grants a specified individual the right to act as the grantor’s attorney in fact or agent should the grantor become incapacitated. The laws governing the creation of powers of attorney and the scope of the designated individual’s authority vary from state to state. In most cases, however, the individual who creates the power of attorney, often called the principal, can dictate the scope of the individual’s authority.

We assist you in protecting what matters to you and make sure you and your family are safe. Get in contact with us right away if you have any questions.

Contact

Hatter's Lodge, 1 Ingrebourne Avenue, RM3 9GS

+44 7902 440227

[email protected]

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