Effective estate planning ensures that your property and/or possessions go to the people you choose when you die. It can also be financially beneficial to the recipients of your estate as it can reduce the amount of tax paid to HMRC on your estate.
An individual’s estate is defined as the things that belong to them or that they own a share in. This can include property, investments, pension payments, insurance, cars, jewellery and furniture.
If you own any assets or property jointly then your share of the asset will be included in your estate. If you have given any of your property away or you have benefitted from a gift during the previous 7 years, these assets will also be considered as a part of your estate.