This FAQ section provides answers to frequently asked questions regarding estate planning. Whether you're just starting to consider your options or looking to review your existing plan, this resource can help you gain valuable insights.
What is the difference between making a Will and estate planning?
A Will is one important aspect of estate planning. A successful estate planning strategy however encompasses a number of additional actions, including:
- Review of your assets and structuring considerations – ensuring your hard-earned assets and business or investment interests are protected for the next generation through careful structuring and organisation.
- Tax planning – considering how your exposure to the main personal taxes can be minimised so as to preserve your wealth.
- Gifting – to individuals or charities during your lifetime in the most tax efficient way, whilst ensuring you are left in a comfortable position.
- Preparing Lasting Powers of Attorney (LPAs) - to choose who manages your financial and health decisions in the event you lose mental capacity.
A Private Client solicitor is only one of the advisers needed to undertake a successful estate planning exercise. We regularly work with accountants and financial advisers to ensure that all aspects are covered.
What are the benefits of estate planning?
- Control – You decide on the ultimate destination of your assets, who manages your assets on your behalf in the event of your death or loss of capacity and who takes on important personal roles such as guardianship of your children.
- Asset protection and preservation - A key focus of any estate planning exercise is ensuring that assets are preserved and protected for the next generation and that any family arguments or third-party risks are avoided. This might for example involve the use of trusts to protect vulnerable beneficiaries.
- Minimising Inheritance Tax (IHT) exposure – IHT is currently charged on an individual’s estate at a rate of 40% over the nil rate band of £325,000. A holistic estate planning exercise will look at how your estate can be structured so as minimise the erosion of your estate by IHT.
- Peace of mind - Perhaps one of the most significant benefits of estate planning is the peace of mind it provides. It can bring great comfort knowing that your affairs are in order in case the worst happens.
When should I start estate planning?
There is no set age at which you should think about estate planning. Too many people put it off or think they are not wealthy enough. Even for fairly modest estates, the loss of time and money that can result from a lack of planning can be very detrimental.
Often significant life or personal events are a good prompt for starting the estate planning process or reviewing your estate plan, for example, getting into a serious relationship, having children or buying a house.
How much does it cost?
The level of cost for estate planning varies, as it depends on the needs and circumstances of each individual and the level of complexity.
At Kingsley Napley, we aim to provide certainty on costs from the outset by charging fixed fees for the preparation of Wills and LPAs. For advice on IHT mitigation or gifting we provide estimates of our fees based on our hourly rates.
As part of our estate planning service we can also advise you on simple, practical steps that you can take without the involvement of a professional.
Further information
If you require further information or advice from our team of private client lawyers, please contact a member of our team or call us on +44 (0)20 7814 1200.
Alternatively you can submit a brief online enquiry here.
James Ward
Partner and Head of Department
Paul Davidoff
Partner
Jemma Garside
Partner
Simon Hardy
Partner
Charles Richardson
Partner
Kiran Vasudeva
Partner
Sophie Voelcker (Français)
Partner
Joseph Austin (Français)
Legal Director
Joseph Austin TEP
Legal Director
Sophie Cook
Senior Associate (FCILEx)
Lauren Eyre
Senior Associate
Sameena Munir
Senior Associate
Diva Shah
Senior Associate
Peter Black
Consultant
Lucy Bluck
Associate
Milena Busby
Associate
Laura Harper
Consultant
Melissa Joseph
Associate
Lewis Kendall
Associate
Flora Nelmes
Associate
Conor Billeter
Senior Paralegal
Prabhjot Manak
Paralegal
Jamie Watts
Senior Paralegal
