We work throughout our lives and if we are lucky we build up some assets such as property, investments, pensions, investments or cars.
However, it is only through careful estate planning that we can make provision for our assets to be distributed after death. Of course, many people know this, but whether it is through fear of confronting difficult issues or because of other considerations, many people fail to take the estate planning steps that are necessary to help them ensure their wishes are carried out once they have died.
But perhaps people are beginning to catch on to the importance of getting it right. This is because recent statistics from telephone answering service Moneypenny have shown that the volume of calls to the estate planning and wills sector rose by 53% in the first two months of the year when compared against the volume of calls made in December 2015.
There is, however, nothing new about a rise in wills and estate planning calls in the new year even if the volume of calls was particularly high in 2016. Perhaps it is because a commitment to making provision for the future is a common theme of new year’s resolutions or perhaps it is because the cold dark days of winter provoke ruminations on mortality, but whatever the case, it seems that the New Year is the number one time for the previously plan-shy to start thinking about wills and estate planning.
Yet, Bernadette Bennett from Moneypenny has another answer. “We typically see a rise in enquiries to the wills and probate sector during January and February,” she says.
“There are of course a number of reasons for this, but increased queries relating to family matters such as bereavement and relationship breakdowns were some of the key causes cited by the wills and probate specialists who we work with. The Christmas holidays also have an impact on the figures as many law firms are closed over this period so the number of calls they receive during December dips slightly.”
Moneypenny is better placed than most to comment on such matters. It answers around two million calls each year on behalf of law firms and is recognised by the Law Society.
However, for those who are looking to make wills and estate planning provision, it is recommended that they contact an experienced specialist – someone who understands the many legal and financial complexities involved.
Writing a will and estate planning document to help protect your assets from the many possible situations that might arise – for example, accident, injury or incapacity – can be crucial in ensuring that your family and dependents are properly provided for in the event that you die or something happens to you that significantly changes your ability to manage your finances.
Estate planning and inheritance tax tips
Estate planning can be difficult to negotiate and one of the most tricky issues can be inheritance tax.
Here we look at some of the steps you can take to intelligently manage your potential inheritance tax burden.
- Speak with a specialist. Advice is key to inheritance tax and estate planning. Make yourself aware of all your choices before confirming your plans. Reputable specialists look like this.
- Make charitable gifts. Charitable gifts can reduce your liability while also ensuring that your hard-earned assets go towards a good cause you believe in. A list of trusted charities can be found here.
- Business property relief. BPR ensures that certain investments can be passed on free of inheritance tax liability. Many different companies qualify for BPR, including some listed on the Alternative Investment Market (AIM). Find out more about BPR by clicking here.
The post Estate planning calls peak in new year appeared first on NVZ Global.