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What is estate planning?

October 19 2017

Although not everyone is familiar with what estate planning is, most people have an estate of some kind. Your estate includes everything you own and is made up of large material things such as your flat or house, car and furniture, down to smaller, though still valuable, items such as jewellery. It also contains the contents of any savings or bank accounts you may have.

What is it?

Considering what will happen to all of your possessions when you die and leaving instructions regarding this is all part of estate planning. It is an opportunity to formally express your wishes and to make sure that the people or organisations you desire to pass your money or assets onto receive them.

Who should do it?

Although it may not be pleasant to think about, death can occur at any time. It is therefore essential to carry out estate planning earlier rather than later in order to ensure that your wishes will be met if you pass away. Plans can be updated at any time meaning that they can be altered periodically to reflect changing situations in terms of savings/assets as well as family life.

Why is it important?

Estate planning is a way to ensure that your wealth will be divided in the way that you desire. This gives you peace of mind that loved ones will be cared for or that causes close to your heart will be supported in the way that you have specified. Being clear about how you wish your estate to be divided can also help family members during what can be an extremely emotional and stressful time.

Grahame Stowe Bateson is a leading private client firm based in Leeds, Yorkshire. We provide a wide range of legal services to individual clients including estate planning, wills and probate. For more information or to make an appointment with one of our experienced solicitors, please get in touch today on 0113 246 8163.

 

 

 

 

 


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