What is Estate Planning and its Tools?
As a team of professional Estate Planning lawyers in Harlow, we understand how important estate planning is for property owners and why do they need to keep track of their inheritance taxes. Estate planning is the process of managing an estate or assets of an individual during and after his/her life. It is a legal service offered by professional estate planners and lawyers through preservation, arrangement, and distribution of assets among legal heirs in the event of premature death of the estate owner.
Estate planners also help individuals with the settlement of inheritance taxes and financial obligations on various assets. It ensures that there will be no uncertainties over the ownership during the transfer of the assets. Estate planning covers everything an individual owner in his/her sole name, including debts, bills, and liabilities.
These assets include:
- Real estate properties
- Cars and other vehicles
- Life insurance
- Checking and saving accounts
- Stocks and shares
- Personal possessions (Jewellery, Collectibles)
An estate planning lawyer in Harlow manages, preserves, and transfers all the assets an individual owns to a person legally entitled to them. He has all the right to determine these things as per the wish of the estate owners:
- Whom they want to receive everything they own
- What they want legally entitled persons to receive
- And, when they want to transfer their will
Everything is planned and managed in written form to protect the estate, assets value, and the right of family members of an estate owner. Estate planning is the most important decision one can make in their life so that their kids and other family members can live without any financial obligations or property disputes in the future. Estate planners use various tools and methods to manage, preserve, and arrange an individual’s assets. the most common
The most important devices to manage and arrange someone’s assets are wills, trusts, probate, and assets protection. Some of them are:
- Will: It is the most common estate planning tool used for the smooth transfer and distribution of assets among legally entitled heirs.
- Probate: It is a legal or judicial process that determines the validity and authenticity of a will as per the court of law.
- Trust: If the person legally entitled to the property is minor, a trust is set up to protects and directs the transfer of assets.
- Asset protection: It is a tool of estate planning that protects your assets from potential creditors.
Estate planning lawyers also provide specialist services for Inheritance Tax planning to reduce or possibly avoid the inheritance tax payable. If you are looking for an estate planning lawyer in Harlow, contact us at Boyletts Law for friendly and personal services. We can answer all your estate planning and inheritance tax questions through a personalized approach as per your own circumstances. A team of expert estate planning lawyers can provide you all the advice you need to manage, arrange, and distribute your assets as per your wish. Contact us to arrange an appointment.