If you have not drawn up a will, then legal estate planners advise that you make efforts to do so. The area of the law that covers creating wills and estate administration covers a number of areas that make it possible for you to provide for your friends and family according to your wishes.
Estimate the Value of Your Estate Now and in the Future
Regardless of the size of your estate, creating a will is a priority. Again, if you want to have your final wishes carried out after your passing, you need to talk to a solicitor who can assist you in this area. Before making a will, you need to consider the overall value of your estate. That value must be calculated in current figures as well as in future terms.
Also, this form of estate planning will enable you to project your estimated liability for inheritance tax when you die. By knowing this information, you can better plan financially, especially when it comes to reducing the tax or asset distribution.
List Your Assets and Liabilities
When you plan a will, West Yorkshire solicitors suggest that you list the value of your assets and liabilities. Usually, assets include such items as your home, bank or building society accounts, savings investments, and life assurance policies. If you own your home, you also need to show if it is jointly or solely owned.
Other assets may include shares of stock, premium savings bonds, furniture, and any bank accounts that are located overseas. Liabilities include your mortgage along with any debt in the form of credit card balances or outstanding loans.
If you are concerned about the payment of inheritance tax, you can avoid the levy by taking out a life assurance policy. The liquidity created by the plan can be paid to your beneficiaries using a trust arrangement. This will ensure that the money is not taxed.
You can get more information from a solicitor experienced in estate planning. Do not forego making a will. By producing this document, you will ensure the continuing financial solidity of your family after your death.