Why Estate Planning is Important

Why Estate Planning is Important

Harpur Wealth Guide to Why Estate Planning is Important

When it comes to your family’s financial health, it’s always wise to plan ahead, which is why estate planning is important. Contemplating a time when you are no longer around to make decisions may be uncomfortable, but planning the way your estate is managed after your death is an essential step to safeguarding your assets and ensuring your loved ones are taken care of.


Estate planning allows you to create a personalised strategy for the smooth transfer of your assets and the protection of your legacy. By carefully considering your wishes, Harpur Wealth Management can establish a comprehensive plan that determines how your wealth will be distributed. Wealth management advisors will work with you to manage your affairs, and even address important care planning matters.


Professional estate planning provides peace of mind that your financial and personal matters are in order, preserving your family’s wealth for future generations.

What is Estate Planning?

Estate planning involves the distribution of your assets and the management of your affairs after you’re no longer around. Through estate planning, you have the opportunity to make important decisions about how your wealth will be transferred, designate individuals you trust to handle your financial matters, and establish provisions for healthcare and guardianship.


By taking these steps, you gain peace of mind knowing that your wishes will be carried out, your loved ones will be cared for, and potential conflicts among beneficiaries can be minimised. Estate planning is an effective way to take control of your financial and personal legacy, ensuring that your hard-earned assets are preserved for the future.


What Does Estate Planning Involve?

Estate planning begins with an in-depth assessment of your financial situation, including your assets, debts, and investments. From there, we work together to create a personalised estate plan that addresses your unique goals and circumstances.


Key elements of estate planning include:


  1. Making A Will. A legally binding document that outlines how your assets will be distributed when you die. It also allows you to name an executor who will carry out your instructions. We would advise using an established solicitor to help you with this.
  2. Setting Up Trusts. These are legal arrangements that allow you to transfer assets to a trustee who will manage and distribute them to beneficiaries according to your specified terms. Trusts can provide added control, flexibility, and potential tax advantages.
  3. Power of Attorney. By appointing a trusted individual as your power of attorney, you authorise them to make financial and legal decisions on your behalf if you become incapacitated. This can save a good deal of heartache, and additional costs to the family in the future.
  4. Inheritance Tax Planning. Inheritance tax (IHT) is a tax that may apply to beneficiaries if the value of your estate, including your possessions, exceeds a certain threshold. Currently, you can pass on up to £325,000 to your beneficiaries without incurring any tax, which is known as the nil-rate band. Anything above this is typically subject to a 40% tax rate, which can result in a significant bill. Harpur Wealth Management helps clients to minimise their IHT as part of their estate planning strategy.
  5. Care Planning. Care Planning is more than having a plan for funding your future care needs. It involves taking proactive measures to safeguard a portion of your assets before the need for care arises or becomes imminent. This approach allows you to protect your hard-earned wealth and ensure that it can be passed on to your loved ones.

Regularly reviewing and updating your estate plan is crucial, especially when significant life events occur, such as marriage, divorce, the birth of a child, or acquiring substantial assets.

Personalised Estate Planning for Bedfordshire Clients

Building meaningful professional relationships is at the heart of our approach. We believe in taking the time to truly understand you and your unique financial goals because it is essential to our goal of securing your long-term future.


Our team of dedicated financial advisors will develop a personalised estate planning strategy designed to help you achieve your financial aspirations. They will guide you through every step, providing clarity, and ensuring that the strategy is customised to your specific needs and objectives.


We understand that life is full of changes, and your circumstances as well as your financial goals may evolve over time. That’s why Harpur Weath advisors offer ongoing review meetings to keep your wealth management strategy in line with your current financial goals. This way, we can consistently adapt and optimise your plan to ensure its continued relevance and effectiveness.

We hope that our explanation of why estate planning is important has been helpful. If you would like more information on the estate planning process, book a free consultation today with Harpur Wealth Management today.


This article is for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions.


The value of your investment can go down as well as up and you may get back less than the amount invested.


The Financial Conduct Authority does not regulate taxation advice

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