Estate planning is often something people put off, but the reality is, if you don’t have a plan—the government has one for you. This was one of the key messages discussed at the recent Barclays Wealth & Estate Planning Event in Harrow, where our very own Anu Khanduja, from our Private Client team at Vyman Solicitors, joined a panel of industry professionals to provide valuable insights into protecting wealth, securing assets, and ensuring families are taken care of.

The Reality of Estate Planning in the UK

Despite the financial and emotional importance of estate planning, many individuals in the UK are still unprepared. Here are some key statistics that highlight the urgency of having a well-structured plan in place:

• Only 35% of UK adults have a will, leaving the remaining 65% at risk of having their assets distributed according to intestacy laws rather than their wishes.
• Homeownership rates have dropped to 63%, meaning more people are navigating wealth and inheritance without traditional property assets—making strategic financial planning even more crucial.
• With tax burdens rising and interest rates fluctuating, families need clear strategies to protect and maximise their wealth for future generations.
• Lasting Powers of Attorney (LPAs) are often overlooked, with fewer than 5% of UK adults having one in place, despite the fact that LPAs are essential in cases of sudden illness or incapacity.

These figures underline why events like this are so essential—they help individuals and families understand their legal options and take proactive steps to protect their future.

What We Covered at the Event

During the discussion, Anu Khanduja, alongside experts from Barclays Private Bank & Wealth Management, explored key areas such as:

• Why having a will is essential—and the risks of dying without one.
• Inheritance Tax planning strategies—how to reduce tax burdens for your loved ones.
• The importance of LPAs—ensuring trusted individuals can make decisions on your behalf.
• How to structure wealth for future generations—including trusts and financial planning.

The session was followed by a Q&A and networking session, where attendees had the opportunity to ask personal questions and gain deeper insights tailored to their circumstances.

Frequently Asked Questions (FAQs)

1. What happens if I don’t have a will?
   If you die without a will, your estate will be distributed according to intestacy laws, which may not align with your wishes. This can lead to delays, disputes, and even unintended beneficiaries inheriting your assets.
2. Do I need a will if I don’t own a house?
   Yes! A will is not just about property—it covers savings, investments, personal belongings, and even guardianship of children.
3. How does an LPA help me?
   A Lasting Power of Attorney (LPA) allows someone you trust to make financial or medical decisions on your behalf if you become unable to do so. Without an LPA, your loved ones may face long, expensive court applications to manage your affairs.
4. When should I start estate planning?
   It’s never too early to plan. Life events such as marriage, children, property purchases, and business growth should prompt a review of your will and financial arrangements.
5. How do I reduce Inheritance Tax for my family?
   There are various ways to reduce IHT, including trusts, lifetime gifting, and tax-efficient investments. Speaking with a solicitor and financial planner can help create the right strategy for you.
6. What are the common mistakes in DIY Wills and how can a solicitor help me? Learn more here.

Take the Next Step

If you missed the event but would like expert advice on Wills, LPAs, or estate planning, now is the time to act. Book a consultation with Anu Khanduja to discuss your personal situation and ensure your assets are protected for the future.

Get in touch today to schedule your consultation 020 8427 9080. 

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About Vyman Solicitors

Located in North West London, Vyman Solicitors provides a comprehensive range of legal services, including Corporate & Commercial Property Law, Litigation, Residential and Conveyancing Law, Family Law, Private Client and Immigration. Known for its commitment to personalised client support and legal excellence, Vyman is a trusted partner for businesses and individuals alike.

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