Leaving a Legacy Behind
What is Estate Planning?
Estate planning involves making decisions about who should receive your property, money and possessions. The process can also include making arrangements for your funeral and ensuring that your wishes are respected.
One way to leave a legacy behind is to create a Will. A Will is a legal document that sets out your wishes for the distribution of your assets. It is important to make sure that your Will is properly drafted and executed to ensure that your wishes are carried out. You can also update your Will if your circumstances change.
Another way to leave a legacy is to create a Trust. You can transfer assets to a Trust, which is managed on behalf of your beneficiaries. This can be a useful way to provide for your loved ones after you pass away. This is a complicated area of financial and legal planning and it is important to seek advice in this area.
You can also make gifts to your loved ones during your lifetime. This can be a good way to reduce the size of your estate and to transfer assets efficiently. In simple terms, there are no limits to the amount you can gift. However, there are tax implications to consider, so it is important to seek professional advice.