Although it’s not something that any of us particularly want to think about, it is important to think ahead and plan what will happen to your assets when you die. Not only should you have a valid will, but you should also consider the tax and other implications of your financial affairs. It may be that you should structure your assets differently to minimise tax or to best provide for your loved ones, such as through using trusts.
You may also need to consider how your assets will be dealt with in your temporary absence, such as if you go on an extended holiday, move country or are temporarily incapacitated. Powers of attorney can be drawn up for use for a certain period. Lasting power of attorneys can be drawn up to give someone power to make financial and/or health and medical decisions on your behalf if you become mentally incapacitated. Advance decisions (also known as living wills) can specify your preferences for medical treatment if you are incapacitated.
We have set out information on each of these topics in the following sections:
- Inheritance tax planning
- Powers of Attorney and advance decisions
If you need more detailed information about inheritance tax planning, or other taxes, you can find this in our Tax section. For information on wills and probate please look under those sections.
If you would like to obtain expert legal advice on estate planning, then Caven can put you in touch with a local specialist solicitor free of charge. So, if you have any questions or would like our help in finding local expert solicitors please call us on 08001 221 2299.