Estate planning is about making informed decisions for the future. It involves considering what should happen to your assets, responsibilities and family wealth during your lifetime and after your death, and putting appropriate arrangements in place to reflect your wishes.
While many people associate estate planning with making a Will, effective planning often goes further. Wills, trusts and tax planning can work together to help provide for loved ones, protect vulnerable beneficiaries, preserve family wealth, support future generations and manage potential tax liabilities. For business owners, farmers and landowners, estate planning can also play an important role in succession planning and the future of valuable business or agricultural assets.
At Preston Redman, we help clients understand their options and make decisions with confidence. Every family and every estate is different, so advice should reflect individual circumstances, priorities and long-term objectives. We’re based in Bournemouth but act for clients in Dorset and nationally.
Why Estate Planning Matters
Estate planning provides clarity at a time when uncertainty can place additional pressure on families. It allows you to decide who should benefit from your estate, who should manage your affairs and how assets should pass to future generations.
Without proper planning, the law may determine who inherits your estate and how it is administered. This can create outcomes that do not reflect your wishes, particularly for unmarried couples, blended families or families with vulnerable beneficiaries.
Good planning can also help preserve wealth and reduce the risk of avoidable disputes. It may involve protecting assets for children, making provision for future generations, considering inheritance tax planning opportunities or ensuring that family businesses and farms can continue smoothly after a change in ownership.
Estate planning is not only about financial value. It is about making thoughtful decisions now so that loved ones have clear guidance in the future.
Wills, Trusts and Tax Planning Explained
Wills
A Will sets out who should inherit your estate and who will be responsible for administering it. It can appoint executors, name guardians for young children and specify how particular assets should pass.
If you die without a valid Will, the intestacy rules determine who inherits. Those rules may not provide for unmarried partners or distribute assets in the way you intended. Working with experienced solicitors helps ensure your wishes are clearly recorded and legally effective.
Trusts
A trust is a legal arrangement under which assets are managed by trustees for the benefit of others.
Trusts can be useful in a range of circumstances, including providing for children, protecting vulnerable beneficiaries, preserving family wealth and addressing the needs of blended families. They can offer flexibility over how and when assets are used while helping to safeguard assets for future generations.
Trusts are not appropriate in every situation, but they can form an important part of wider asset protection and succession planning arrangements.
Tax Planning
Inheritance tax planning involves reviewing your estate and considering lawful ways to reduce tax where appropriate.
This may include making use of available allowances and reliefs, considering lifetime gifts and reviewing the ownership and succession of assets. Business owners and farming families may also benefit from advice on the treatment of business and agricultural assets.
The aim is not simply to reduce tax, but to ensure that tax considerations support wider family and estate planning objectives.
How Preston Redman Can Help
Our team of specialist Estate Planning Solicitors advise individuals, families, trustees, business owners and farming families on a wide range of matters, including:
- Wills – preparing and updating Wills that reflect your wishes and current circumstances.
- Inheritance tax planning – identifying opportunities to use available allowances and reliefs effectively.
- Trust creation and administration – establishing trusts and advising trustees on their responsibilities.
- Business succession planning – helping business owners plan for future ownership and management.
- Agricultural succession planning – advising farming families on the transfer and protection of agricultural assets.
- Lifetime gifting advice – considering gifts during your lifetime and their wider implications.
- Asset protection planning – helping safeguard assets for children, vulnerable beneficiaries and future generations.
- Trustee advice – supporting trustees with decision-making and ongoing administration.
- Estate reviews – reviewing existing arrangements to ensure they remain suitable as circumstances change.
We also advise on wider family succession planning issues, including digital assets, family businesses and practical estate management considerations that may affect those administering an estate in the future.
Why choose Preston Redman?
Clients value our approach because it combines technical knowledge with practical guidance and clear communication.
- Clear, straightforward advice in plain English
- Practical recommendations focused on your objectives
- Strong technical expertise in Wills, trusts and inheritance tax planning
- Long-standing relationships with individuals and families, often across generations
- Advice tailored to your personal, family and financial circumstances
- Experience advising on family, business and agricultural assets
Kelly Payne and Jeremy Tucker, from our private client team, are full members of the Society of Trust and Estate Practitioners (STEP) - the international association for professionals specialising in family inheritance, trusts and succession planning. STEP membership is recognised internationally as a mark of genuine expertise and client care in this field.
Frequently Asked Questions
Do I need a Will if I am married?
Yes. A Will allows you to control how your estate passes, appoint executors and make specific provision for your family.
What happens if I die without a Will?
Your estate will pass under the intestacy rules, which may not reflect your wishes or provide for unmarried partners.
Can a trust protect assets for my children?
In some circumstances, yes. Trusts can help ensure assets are managed and distributed in a way that reflects your intentions.
How does inheritance tax affect my estate?
This depends on the value and structure of your estate, available allowances and any reliefs that may apply. Early advice can help identify planning opportunities.
When should I review my estate planning arrangements?
You should review your arrangements following significant life events such as marriage, divorce, the birth of children or grandchildren, retirement, business changes or a substantial change in asset values.
Speak to Our Estate Planning Team
Whether you’ re making your first Will, reviewing existing arrangements or considering how best to protect family wealth for future generations, our estate planning team is here to help - with clear, practical advice tailored to individuals, families, business owners and farming families. Contact us today to discuss your circumstances or explore our dedicated Wills, Trusts and Tax Planning pages for more detailed guidance. Contact us today.
Please note that all content on our website is subject to the terms of our disclaimer.
