Offering Personal Estate Planning Assistance for Clients in Blackpool, Lancashire

Protect your wealth with a personal estate plan. In the event of your death, your family could lose everything you worked hard for because of poor financial planning made on your behalf. To prevent this from happening, you need to have an Estate Plan in place. An Estate Plan enables you to transfer your assets to your beneficiaries as well as protecting your wealth. Contact me in Blackpool, Lancashire, to find out how I can help you with your estate plan. Don’t make the same mistake that many other business owners have made.

Who Am I?

I am a professional Estate Planner who is supported by:

• Barristers
• Legal Advisors
• Financial Advisors
• Chartered Tax Advisors

Essential Estate for the Businessman

Here are some of the questions that you should be asking yourself:
• What Would Happen If I Were to Die Today?
• What Would Happen to My Wealth?
• How Do I Want My Wealth to Be Distributed?
• Will There Be Multiple Claimants for My Assets?
• If I Am Disabled and Unable to Take My Own Financial Decisions, Who Will Take Decisions on My Behalf?
• Does My Spouse or Partner Know About All the Insurance, Investments, Debtors and Creditors That I Have?
• Have I Made Reasonable Provision for My Family in The First Months After My Disablement or Death?

Estate planning is important to ensure that your family does not suffer in case of an untimely death. After all who are you working for in the first place?
Most people do not take estate planning seriously. Their basic approach towards money management is one dimensional - earn it and see it grow. For many, the satisfaction lies in just counting the cash or assets.

Very few business people give any serious thought about passing on this accumulated wealth to the next generation smoothly. Of course, the intention is to alleviate trouble for the family. In fact, most would admit that they find a lot of pleasure in the fact that they have accumulated enough for their future generations. However, they do not devote any serious time to the issue of redistribution.

Take the example of Mike Taylor (name changed), a businessman. His primary focus was growing his business quickly. He worked hard to achieve these goals and managed to build a strong business over a period of time.

However, owing to his very busy work schedule, he suffered a sudden cardiac arrest. This left his wife and two children in a very dire striates, not just emotionally but financially as well.

And it was mainly due to Mike's wife having absolutely no idea how his wealth was comprised. The initial few weeks and months were spent collecting and perusing all his business and other financial documents. While she was aware of a few bank accounts, insurance policies and investments, she had no idea how his business functioned.
There was also a further concern when she realised that there were suppliers who had to be paid. Not just this, there were several life and business insurance policies that were untraceable.

Finding themselves under serious financial stress, the family took the help of a family lawyer and sold the business. Once all the vendors' bills were settled, Mike wife and children went to stay with her parents.

The fact was that although the family had considerable wealth, they lost it due to bad planning on Mike's part.

This scenario is not uncommon. Often people, in their enthusiasm to make money and grow their businesses, forget the essentials. While things might be a bit easier for salaried employees, entrepreneurs often get involved in a lot of cash transactions with fellow businessmen, primarily to save on taxes. And as in Mike's case, much of this unaccounted money was untraceable for the family, when they need it the most.

It is important to remember that while creation and preservation of wealth are important objectives, it must also be followed by proper planning for distribution. Your overall financial plan must consider the distribution of wealth as a key objective to help smooth the transition. This is essential to avoid any legal conflict and financial struggle for the family.

What Should You Be Doing?

• Will
• Power of Attorney
• Trust
• Life Insurance

Keeping these things in mind, one must make sure that there is a clear distinction between making money and ensuring proper distribution of wealth.
Estate planning is the process of transferring all your assets (collectively referred to as your estate) to your beneficiaries, according to your wishes. This can also include the medical care that you wish to receive, in case you are unable to make decisions for yourself.
There are several areas of estate planning such as:
Financial planning also must adopt an approach which is in logical response to their needs and situation. These could be clubbed into three categories:
• Providing A Nest Egg for the Family Members
• Reducing Dependence of the Family’s Overall Wealth on the Fortunes of the Business Through Diversification
• Strategies for Protecting and Growing the Wealth Embedded in the Family Business Through Estate Planning

Plan for the People You Care For

Estate Planning is not a simplistic exercise and requires a lot of introspection by the individual or together as a couple. It becomes a little more complex if there are minor children or complicated relationships involved. One must start thinking about estate planning from the moment one starts working and has dependents.

Even if you do not have dependants, making sure that your assets would be properly distributed helps to ensure fewer conflicts at a time when loved ones are grieving your loss.

One of the important elements of protecting the family’s wealth in its business is by ensuring the continuity of business even when the current owner is not around. This can be achieved by having a succession plan in place which should be finalised during the lifetime of the business owner.

Hazell Wills and Probate Services Limited

I am a committed, solution-orientated and diligent individual focusing on business and estate planning. 

My focus: All matters involving Estate Planning management - whether that be taking precautionary organisational measures for one's own death, or whether it be family legacy protection for your loved ones for more than a generation.

The organisational measures include planning the succession to one's estate with a long-term concept. This means not only drafting Wills and testamentary contracts for senior citizens. I am also there for energetic businessmen in their prime: Death clauses in articles of association or partnership agreements, agreements on the transfer of ownership, anticipated inheritance, optimizing inheritance tax, wills for businessmen, and wills for complicated family arrangements.

Contact me in Blackpool, Lancashire, about the estate planning solutions I provide.

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