Accessibility links

Does your estate planning pass the test?

Check if your estate is protected from the tax man.

At Shirley Smith & Co we can help people in the Chelmsford area with inheritance tax planning and estate planning. Here are some useful pointers...

It is never too early to plan your estate. If it is large, it could be exposed to inheritance tax at 40%, and if it is small, advance planning can help you ensure that your assets will go to your chosen beneficiaries.

Making a Will

Estate planning begins with the following decisions:

Who will inherit your assets?
When should the recipients receive them?
What limitations will be placed on the recipients?

A Will should also stipulate who is to be your minor child(ren)'s guardian. Although making a Will makes your decision legally binding, the Will can be amended any time you change your mind.

Where should you begin?

Start by completing the following survey. Every 'no' answer indicates an area where estate planning issues should be addressed.

Will survey	Yes	No
Have you made a Will?
Has your Will been safely lodged so that others can access it after your death?
Does your Will name a guardian for your children if both you and your partner die while they are still in their minority?
Have you considered how to fund the inheritance tax liability?
If you die suddenly, will your executors be able to locate all your records easily?
Do you have medium-term and long-term financial objectives?
Do you know the present value of your estate?
Are you comfortable with the executor(s) and trustees you have selected?
Have you arranged your affairs to take advantage of the NIL rate band, Residence Nil Rate Band, Reliefs and the inheritance tax exemptions?
Are you sure you have the right type and amount of life assurance?
Have you considered a trust to prevent assurance proceeds from being taxed as part of your estate?
Have you considered making gifts to family members that take advantage of the inheritance tax and capital gains tax exemptions and reliefs?
Are you sure your estate plan is up-to-date and takes into account all your personal wishes and all your potential tax saving strategies?
Have you considered how inheritance tax will affect your business?
Do you know what will happen to your business if you die?
Do you know that business assets can be given away without your having to pay capital gains tax?
Do you know how to give away business assets free of inheritance tax?
Have you considered the use of trusts in estate planning?
Do you know the intentions of relatives with substantial estates?

SEEK OUR ADVICE FOR EVERY 'NO' ANSWER

If you are in the Chelmsford area and would like advice on inheritance tax planning and estate planning, please contact Shirley Smith & Co today. We will be delighted to assist you.

Latest News

04 Jul 2025

Pension reforms risk higher prices, fewer jobs and slower growth, FSB warns

Prospective pension reforms could see small firms raise prices, cut jobs or slash profits, the Federation of Small Businesses (FSB) has warned.

03 Jul 2025

Business confidence rises in June

Business confidence rose in June building on a sharp rebound in May, according to Lloyds Bank's Business Barometer.

02 Jul 2025

More than 25% of UK businesses hit by cyber-attack in past year

More than one in four UK businesses have been the victim of a cyber-attack in the last year, with many risking 'sleepwalking' into disruption, according to a new report.