Estate Planning in Scotland
Estate planning is about more than just writing a Will. It’s about ensuring that your family, finances, and future are properly protected. At Pomphreys Solicitors in Wishaw, we help clients across Lanarkshire plan with confidence, minimise tax, and put clear, legally robust arrangements in place for life and beyond.
What is Estate Planning?
Estate planning is the process of organising your assets during your lifetime so that they are dealt with according to your wishes when you pass away. A well-thought-out estate plan can help you:
- Provide for your loved ones in the most efficient way
- Reduce the impact of Inheritance Tax (IHT)
- Protect vulnerable beneficiaries
- Plan for future care costs
- Avoid family disputes and legal complications
Everyone has an estate, whether large or small. Estate planning ensures it’s dealt with clearly and efficiently.
What Does an Estate Plan Include?
Your estate plan will depend on your personal circumstances, but it may involve:
- ✔ Making or updating your Will – to ensure your estate passes according to your wishes
- ✔ Appointing a Power of Attorney – in case you lose capacity later in life
- ✔ Setting up Trusts – to protect assets or delay inheritance for young or vulnerable beneficiaries
- ✔ Inheritance Tax Planning – using allowances, exemptions and lifetime gifts
- ✔ Reviewing asset ownership – particularly property, business interests and pensions
- ✔ Lifetime gifting strategies – including the use of the 7-year rule and annual exemptions
At Pomphreys, we work closely with your accountant or financial adviser (if you have one) to ensure your estate plan is cohesive and tax-efficient.
Who Needs Estate Planning?
You don’t need to be wealthy to benefit from estate planning. It’s especially important if:
- You own a home or other property
- You have children or dependants
- You’re in a second marriage or blended family
- You run a business or own investment assets
- You’re concerned about potential care fees
- You want to reduce inheritance tax for your family
Even basic planning can prevent serious problems down the line.
Why Choose Pomphreys Solicitors?
We’ve been helping families in Wishaw and throughout Lanarkshire with estate planning for decades. Clients trust us because:
- ✅ We tailor every plan to your unique needs
- ✅ We explain everything in plain English
- ✅ We take a practical, forward-looking approach
- ✅ We’re here for you and your family as things evolve
We aim to give you complete peace of mind, knowing your affairs are in order and your loved ones are protected.
Protect What Matters Most with Smart Planning
Effective estate planning provides you with peace of mind and security for your family’s future. Let Pomphreys Solicitors help you take control of your assets, reduce inheritance tax, and plan ahead with confidence. Contact us today to begin your estate planning journey.
You may also be interested in:
- Making a Will – to set out who should inherit and when
- Power of Attorney – to plan for incapacity
- Dealing with Estates – if you’re acting as an executor for someone else
❓ Common Questions about Estate Planning
Will I need to pay Inheritance Tax?
That depends on the value of your estate and who inherits. We’ll help you calculate your exposure and reduce it where possible.
Can trusts really protect assets?
Yes, when used correctly. Trusts can delay access to funds, protect inheritances, and in some cases reduce tax liabilities.
When should I update my estate plan?
After major life events such as marriage, divorce, a new child, retirement, or buying property, or every 3 – 5 years as a rule of thumb.
