Estate Planning – why is it so important?
We firmly believe that an effective Estate Planning strategy is vital if teachers and their families are to effectively manage and protect their wealth through the generations.
Failing to consider what would happen to your accumulated wealth in the event of long-term care, death or divorce is a common mistake. Yet it can be the single most important financial decision you and your family ever make.
If it is likely that you will inherit wealth, this should be reviewed as it is highly unlikely that assets being received directly into your estate will be the best option.
In our experience a typical Will often leaves assets to a spouse or children in the event of death, whilst failing to address some of the common problems which can result in the drastic erosion of wealth.
˙ Consider the case of Mr and Mrs Smith, who have two grown up children, unfortunately Mr Smith dies leaving Mrs Smith and the two children.
˙ Mrs Smith re-marries and then dies before her new husband, leaving the estate to her widower and his children. Mrs Smith’s own children inherit none of the estate.
˙ Using the appropriate Estate Planning strategy would have allowed Mrs Smith to pass on wealth to her own children or other chosen beneficiaries and avoided the loss of family wealth.
||Teachers Money works in conjunction with BBT Estate Planning, which has its own qualified specialists who can advise the most appropriate course of action for your particular circumstances. In addition they can work with the family and professional advisers to ensure that in the event of death, probate is dealt with in an efficient, cost-effective manner. Click here to find out more.|
“A good education is like a savings account; the more you put into it, the richer you are.” - Anonymous