At a Glance
Estate planning and making a will is not just for the wealthy or the elderly – and without a will your assets do not automatically go to your partner. Estate planning is vital for everyone, no matter what their age. It ensures that your wishes are formalised for your family’s circumstances and your assets after your death. It allows for young children to be provided for and protected after the death of a parent or guardian – in the long and short term financially, physically and emotionally. Planning ensures that your family and loved ones benefit as much as they can in the most tax efficient way. Read more in our article below. HOMS Assist provides advice on all aspect of estate planning, from wills, powers of attorney, and trusts to capital tax and nursing home planning. We are open for business and ready to discuss and implement these plans for you. Contact Claire Tuohy today.
1. Myth: Estate planning is only for very wealthy individuals
Estate planning is not only for the very wealthy. It is true that estate planning is important for the very wealthy because of the potential to save tax, but it is equally important for less affluent people. Estate planning is not just about tax planning and financial planning; it involves protecting assets and people by making decisions today that will safeguard the future of everything you have worked for and — more importantly — your dependants and loved ones.
If you have assets, you have an estate — and you should be planning for it. The key aim for many will be the tax-efficient transfer of assets, such as minimising your exposure to capital taxes such as Capital Gains Tax or inheritance or gift tax (collectively known as Capital Acquisition Tax). For others, the main concern will be protecting their assets from nursing home costs. Everyone’s circumstances are different. The aim of estate planning is to prevent or minimise exposure to threats and costs for you and your family.
2. Myth: Estate planning is for the elderly
Death can happen at any age. If you die prematurely without having a plan in place the results could be disastrous, especially for a young family. Planning can protect children financially, physically and emotionally in the short and long term. A will is vital for anyone with young children because it can provide for guardians who will look after your children before they turn 18 and can provide for several types of trusts and other arrangements so that your children are protected.
3. Myth: Everything will automatically go to my partner, so I do not need to do anything now
If you do not have a will in place, the rules of intestacy as set out in the Succession Act 1965 will dictate how your estate will be divided. People are often surprised to discover that the deceased’s partner does not automatically get everything. This reality can lead to huge distress, financial vulnerability, family disharmony, and added costs at a time when those left behind are already very vulnerable.
Don’t put it off!
It can be difficult to think about the aftermath of your death, which is why it is tempting to postpone estate planning. However, not putting proper measures in place can put your loved ones in a very precarious position.
HOMS Assist provides advice on all aspect of estate planning, from wills, powers of attorney, and trusts to capital tax and nursing home planning. We are open for business and ready to discuss and implement these plans for you.