Estate planning

What is estate planning?

Estate planning makes sure you have the correct and up to date legal documents in place when it comes to you and your estate. In other words, it's a clear plan that shows how you'd like your estate to be managed when you die or are unable or unwilling to make decisions for yourself.

• Estate planning helps safeguard your wishes so that your estate is taken care of by those you trust, and as you intended
• It can help protect your family and any other beneficiaries from the impact of inheritance tax
• Estate planning makes sure that when the person looking after your estate applies for probate they'll know what your wishes were
• There are a range of options, including wills, lasting powers of attorney (LPAs), trusts and living wills

Estate planning without the guidance and advice of a professional can be both overwhelming and complicated; our specialists are here to help.

Thinking about the future and discussing your plans with your loved ones can be hard. It may never seem like the right time to have such a difficult conversation, though planning for the future offers you and your family complete peace of mind.

A will, for example, is one of the most important documents you'll arrange in your lifetime. Without a will you'll have no control over what happens to your estate and your assets will be distributed according to the laws of intestacy, which may not be the way you planned. There may be a time in the future when you don't have the mental capacity to make decisions, or you would prefer for loved ones to do so on your behalf.

If you haven’t got a valid lasting power of attorney (LPA), the Court of Protection may need to get involved. This can be a lengthy and costly process, and your appointed attorney may not be the person you would have chosen to make decisions when you can't. 

It's never nice to think about death and how you'll arrange your affairs after you’re gone – but it’s crucial if you want to mitigate inheritance tax for your loved ones. When you have arranged estate planning early on, you can be sure that your loved ones will have the freedom to carry out your wishes. The earlier you can start planning for the future the better.

At Key, our personal service gives you the help and expertise you need to make sure you’re prepared, no matter what the future holds.

Estate planning, arranging your personal affairs, and getting the correct documentation in place can feel like a daunting task; but Key are here to help you through the entire process. Here are some answers to the most common questions we get asked: