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Guide to Estate Planning

Written by:

Alison Elliott BFP, ACA, FCCA, MAAT, Director

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Disclaimer: This article is based on legislation which was correct at time of publishing on July 6, 2022

It is never too early to plan your estate. If it is large, it could be exposed to inheritance tax at 40%, and if it is small, advance planning can help you ensure that your assets will go to your chosen beneficiaries.

Where should you begin?

We suggest you start by addressing any unplanned key areas of estate planning this may include will writing, inheritance funds, financial objectives and life assurance. Below you will be able to download our estate planning checklist.

Making a Will

Estate planning begins with the following decisions:

Who will inherit your assets?
When should the recipients receive them?
What limitations will be placed on the recipients?

A Will should also stipulate who is to be your minor child(ren)’s guardian. Although making a Will makes your decision legally binding, the Will can be amended any time you change your mind.

How we can help?

Please contact us if you would like further advice.

Alison Elliott

Alison qualified as an accountant in 2005, having been with Butt Miller since 2001. In 2012, she became one of the firm’s Responsible Individuals (RI). Her role includes statutory accounts preparation, corporation tax compliance, company secretarial, management accounts, and outsourcing advisory services. Alison also specialises in R&D tax relief, share valuation, and succession planning.

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