Perhaps not the nicest thing to think about, but no less important: what if I am no longer around? What happens to my assets? Will there be enough to pay inheritance tax from? Will I leave my loved ones well behind? What will happen to my business? All these questions come together in estate planning.
What is estate planning?
Estate planning focuses on the transfer of assets from one generation to (mostly) the other generation around a person's death. Estate planning can ensure savings in, for example, inheritance tax, but also that your business continues to exist after your death.
Who is estate planning of interest to?
Estate planning is of interest to anyone with assets who would like to leave them to someone. It does not matter how big these assets are or what they consist of. The bigger the asset, the bigger the possible tax savings, of course.
Why think about estate planning?
Estate planning ensures that things are properly arranged at the time of your death. Estate planning can ensure that you save quite a bit of tax. In addition, arranging matters around your death properly ensures that your loved ones are left cared for. By clearly mapping out your wishes, you can prevent a lot of disagreement between your loved ones later on. You can also be sure that your assets will end up where you want them to be.
When should I start thinking about estate planning?
Getting things right around your death is nice for your peace of mind. So our advice is that you cannot think about estate planning early enough. We are of course happy to think along with you.