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Estate Planning Solutions at cheap-wills.co.uk

Everything you need to know about estate planning solutions.

What Is Estate Planning?

Estate planning is a general term for planning for what will happen to a person’s estate after they die. Central to this is your Will, this dictates what happens to your estate when you die.

Your Will also covers things such as funeral plans, what happens to your dependents, what happens to your money etc.

Other elements come into estate planning, such as Lasting Power of attorney. This is to allow someone else to do things on your behalf if you are unable. This can either be your financial decisions, or possibly medical decisions.

Trusts may also form part of your estate, and allow you to place parts of your estate inside them rather then have them form part of your normal estate.

estate planning solutions, Estate Planning Solutions, Cheap Wills
estate planning solutions, Estate Planning Solutions, Cheap Wills

Is Estate Planning The Same As A Will?

Whilst your Will does make up a large portion of your estate. The term estate planning covers a wider range of things that we have covered above.

Your Will is the basis for your estate plan. It gives you peace of mind that your wishes will be administered.

What Does Estate Planning Solutions Mean?

Estate planning solutions may cover a wide range of things, including:

  • Your Will
  • Trusts
  • Lasting Power of Attorney (LPA)
  • Life insurance

At Cheap-wills.co.uk we offer comprehensive estate planning solutions for everybody, from a basic Will or mirror Will to more complex Lasting Power of Attorneys and Cheap Estate Planning.

Who Can Help Me With My Estate Planning?

You have a few options for help with your estate. The first would be an Estate Planner such as ourselves. We specialise in helping people plan their estates, from Wills, to Life insurance and Lasting power of attorney.

The second option is a solicitor. However, you may find that as a solicitor doesn’t specialise in this area, and have a wide range of things they cover, they may not have as niche knowledge as a specialist estate planner.

What Is An Estate Planning Attorney?

This is essentially just another name for an Estate planner. We don’t really like the term estate planning attorney and much prefer to call ourselves Estate planners or Estate planning solutions.

How much is Estate Planning Advice?

This will vary depending on the provider, and what service you require. If you only need a simple Will for example we only charge £19.99. However, if you went to a solicitor this may cost upward of £200. This isn’t because they do anything differently, but we specialise in Wills so are much more efficient in that area than others.

If you needed an LPA or a Trust this may cost you more, however, our prices are just as competitive for these services.

Who offers Estate Planning Services?

You may find that various companies offer Estate planning services. This can range from solicitors to Will writers and estate planners.

Each will have their own strengths, however with anything it is usually better to speak to a specialist in the field you want advice in.

What is Lasting Power of attorney?

Lasting power of attorney is to allow someone else to make your financial or medical decisions on your behalf if you are unable.

Imagine if you fell into a coma, and no one was able to pay your bills for you as they didn’t have permission to use your money to pay those bills. You could come out of a coma with debts that you had the money to pay, but weren’t able to.

Lasting power of attorney gives someone permission to speak on your behalf for financial or wellbeing matters. This power of attorney can be returned to you if you are then able at a later date.

How can cheap-wills.co.uk help?

We can help by doing all this for you! At affordable prices.

At cheap wills we have designed a system to lower our costs, we don’t make large amounts of profit from each Will. At our centre is the ideal that having a Will shouldn’t have a large financial barrier to entry. Wills should be something everyone is able to have.

This is why we offer heavily discounted Wills for everyone. Our other services are discounted as well. Meaning we can save you money on our entire estate planning solutions.

The benefits of estate planning

There are various benefits of estate planning. The main benefit being that peace of mind in knowing that what you want to happen in the event of your death, will happen. There are other benefits, such as creating a plan for inheritance tax, making it tax efficient. Creating a trust and estate that you know what will happen to it in the event of your death.

There are various services including:

  • Will writing
  • Trusts
  • Lasting Power of Attorney
  • Life insurance

Having each of these can provide a necessary benefit that you may need. It is well worth speaking to a specialist financial adviser that can go through your options.

The benefits of Life Insurance

Life insurance is often integral to how an estate can be planned. There are various forms of life insurance to cover everything from your mortgage, to funeral arrangements. Just a few of these types of cover:

  • Mortgage protection
  • Family protection
  • Funeral care costs
  • Inheritance tax cover
  • Whole of life cover

Life insurance can create assurance that whatever financial need may arise in the event of your death, there is money to pay for it. Whether that’s looking after your children’s wellbeing, or making sure their inheritance tax bill is covered.

Inheritance Tax

Inheritance tax can be up to a staggering 40% of your taxable estate. This can be a massive amount of money. There are some allowances such as for primary property, and then for assets. However, the remaining money can be subject to a massive amount of inheritance tax.

Planning your estate can help make your estate as tax efficient as possible. Meaning your loved ones won’t have to stress about a massive inheritance tax bill when they will likely already be having a hard time.

 

Got a question on estate planning solutions we haven’t answered? Get in touch!

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