An estate plan clearly details your wishes to your loved ones about what you’d like to happen to your estate when you die. It can protect your assets and allow wealth to accumulate within a family and possibly avoid the value of your estate being eroded by paying care home fees and inheritance tax.
Without a will, lasting power of attorney and a trust Your wishes may not be legally binding. The key to effective estate planning is to take early action. Decisions made regarding your estate taken on your death bed are very seldom successful.
In 1936 in the Duke of Westminster’s tax case Lord Tomlin said “everyman is entitled if he can, to order his affairs so that the tax attaching under the appropriate acts is less than it otherwise would be”
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