What is estate planning?
In a nutshell, estate planning is about making a plan that sets out what will happen to your estate after you die.
“Estate” might sound rather grand, but pretty much everyone has one. It simply means everything you own – your car, home, bank accounts, investments, life insurance, furniture, possessions. We’ll also include children within that as making sure they’re looked after when you die is a pretty significant part of all of this.
So it doesn’t matter if you have a little or a lot, you can’t take it with you when you go! And it will make life a whole lot easier for your loved ones if you’ve made a plan.
There are other advantages to estate planning too. It can help you minimise tax paid on your estate, meaning more of what you own goes to who you want it to rather than HMRC.