Estate Planning is a term used to explain the process of preparation and planning for the estate that you will leave behind after your death. When you have passed away your loved ones will be faced with Inheritance Tax and effective estate planning will reduce the effect on your loved ones.
Estate Planning covers areas such as:
Ensure that you start planning in advance. There are benefits to this for your loved ones. One example is that there is a seven-year period for many transfers after which time, if you have survived the seven years, they become exempt from inheritance tax.