There are many areas of estate planning and preservation you might consider. Our experts will help you decide what is important to you and look at the best outcomes to achieve your goals. Download our free guide.
Protecting your assets for those you wish to leave them to.
Wills:
Making a will is one of the most important actions you will take, although more than sixty percent of the UK population haven’t taken that action- let’s act now.
When we die it is easy to assume that our property and possessions will automatically go to our loved ones when we are gone. However, this is unfortunately not always the case. Without a Will the strict inheritance laws called the Rules of Intestacy apply. If someone dies without an effective Will, they have died ‘Intestate’. The Rules of Intestacy are very specific regarding who can administer your estate, who will inherit from it and how much they will receive. It cannot be assumed that everything will automatically go to the surviving partner or immediate next of kin.
By making a Will you can ensure:
- Exactly who inherits your assets
- A legal Guardian is appointed for your children
- Your spouse or civil partner receives what you intended
- That you avoid delays and disputes when sorting out your Estate
Trusts:
Setting up a family trust can help direct and protect your wealth that you have built up over the years- let’s see how this might help you. Setting up Trusts now to receive your assets on death will ensure that they are not passed “absolutely” to your beneficiaries. Placing the assets in Trust for your beneficiaries means that they will not form part of their estate and therefore will be protected from any future divorce or bankruptcy settlements. Download our free guide.
You can protect a wide range of assets in Trusts including:
- Your home
- Your money
- Your pensions
- Your life assurance
- Your business assets – what’s more, Trusts can significantly reduce the impact of tax on future generations, often removing tax completely.
Power of Attorney:
What happens if I am unable to manage my financial affairs or make decisions about my health or care?
There may be a time in your life when you’re unable to manage your financial affairs or personal welfare, owing to some form of incapacity. If this happens, you will want someone you trust ready to act immediately on your behalf rather than the alternative of having to rely on a lengthy and complex court process to be completed. Even when we’re young, we can find ourselves incapacitated through illness or injury and it can be invaluable to have a reliable person to trust to manage our affairs and remove the anxiety of having unpaid bills, at a time when you most need peace of mind.
Appointing a Power of Attorney
Creating an Attorney in advance ensures that if the worst were to happen, you can rest assured that both your financial affairs and personal welfare are in safe hands.
Probate:
A smooth outcome
Having put your affairs in order there will come a time when your wishes need to be carried out by your Executor and your estate is paid out to your beneficiaries.
Before this can be done your Executor will need to apply for a Grant of Probate from the Probate Registry. If Lyndhurst is your financial adviser the information to complete the necessary HMRC documents and apply for probate is readily available. We charge a fixed fee for this service.
