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Today I am going to tell you about the 2 basic estate planning documents (a Will and a Lasting Power of Attorney) everyone should have and about and Optional 3rd (a Trust)
My name is Mike Pugh, and I am a professional estate planner with over 2000 clients and over £500 million in estate values managed.
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The first estate planning basic you need is a will. A will is a legal document that outlines how your assets will be distributed after your death. It is one of the estate planning essentials to ensure that your will is up to date and reflects your current wishes.
Without a will, your estate will be distributed according to the rules of intestacy. This means that your assets will be distributed in a way that may not reflect your wishes and could cause complications for your loved ones. It could also mean that your minor children go into foster care.
The second estate planning basic you need is a Lasting power of attorney or LPA. An LPA is a legal document that allows someone to act on your behalf if you become unable to make decisions for yourself.
A power of attorney can be particularly important as you get older and may require help with managing your affairs. By appointing someone you trust as your attorney, you can ensure that your interests are protected and that your wishes are respected.
Optional planning but often recommended are Trusts. But they are not part of a basic Estate Plan in 2023.
If you own a home but are not over the tax thresholds – you can still use a trust to protect your largest asset from the many modern threats.
When we look at some stats about basic estate planning in 2023 we see that MORE than HALF of all Adults in the UK are going to die without even a basic will.
And even worse only 1 in 10 adults in the UK has a Lasting Power of Attorney.
If you want the best Will money can buy in the UK, we write a basic single will for £99 plus vat. Contact us at: [ Ссылка ]
We offer the BEST LPA money can buy at the best price possible of £199 plus vat and OPG registration fee. Contact us at: [ Ссылка ]
If you need help in your specific situation setting up a professional estate plan be sure to book a 20 min free call here: [ Ссылка ]
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