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Valuing your estate

Estate Planning is the process of managing your estate and outlining in a Will how your estate will be divided up and distributed to beneficiaries upon their death.

An estate is someone’s net worth in the eyes of the law.  You need to take into consideration an individual’s assets minus any liabilities to determine their net worth.   

What is surprising, when you review your estate, you are possibly worth a lot more than you originally thought.

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Thank you for requesting a FREE Will writing quote.

We will now match you up with suitable Will Writers who will call you to discuss your requirements. The Will Writers we work with aim to get in touch within 48 hours.

If you are considering writing a Will, you might also be interested in a funeral planning.

A funeral plan allows you to pay for your funeral, ensuring that your loved ones aren’t faced with any unexpected costs.

Thank you for using Funeral Planning Experts.

We will now match you with suitable funeral plan providers who will call to discuss your requirements. The providers we work with aim to get in touch within 48 hours.

To learn about funeral plan packages, we have put together an overview of the different levels of funeral packages available.

What is your estate worth?

In order to value your estate, it is necessary to look at your assets and debts.

Estate assets would include:

Estate debts would include:

writing a Will enables you to outline exactly who you want to benefit from what you are leaving.

Whether you want to make a monetary gift or pass down a family heirloom, all this needs to be detailed in your Will.

There are different types of Wills available and many ways to set up a Will . As well as giving you peace of mind that your wishes are carried out, writing a Will makes sure you are not paying too much Inheritance Tax.

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Use your Will to reduce your Inheritance Tax

If your Estate is worth more that £325,000 when you die, HMRC may impose Inheritance Tax. By writing a Will, you might be able to reduce your Inheritance Tax bill.

The following simple steps can reduce the Inheritance Tax due on your estate:

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Making a provision for your Inheritance Tax bill

In many cases, the demand for Inheritance Tax is made, prior to the deceased’s assets being sold. Therefore, it might be necessary for those managing your estate to have to borrow money in order to cover this bill. In some cases, it might be beneficial to consider life assurance to cover any likely Inheritance Tax bill. This could save your loved ones additional stress and anxiety at what is likely to be a difficult time.

Life assurance is often referred to as whole of life insurance, premiums continue indefinitely and a lump sum is paid out once the policyholder passes away. As long as the policy is written in Trust, the proceeds of the life assurance policy will not be included in your estate. When you die, the policy pays out to the Trust and can be used to cover all or part of the Inheritance Tax bill.

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