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Wills & Estate Planning
Why should I make a Will?
There are many reasons why it is important to make a will and also ensure your current Will is up to date.
A will is a legal document that outlines how your assets should be distributed after your death. It ensures your wishes are respected and can appoint guardians for children (under 18).
Clarity and Control
Specifies who inherits your assets, reducing potential disputes.
Guardianship
Allows you to designate guardians for your children.
Tax Efficiency
Proper planning can help minimise inheritance tax liabilities.
Frequently Asked Questions
What happens if I don't have a will?
Without a will, your estate is distributed according to intestacy laws, which may not align with your wishes.
Can I write my own will?
Yes, but it's advisable to seek legal advice to ensure it's valid and comprehensive.
FREE Review of Your Existing Will
Family Asset Protection Trusts
These trusts aim to protect various family assets, not just property, ensuring they're preserved for future generations.
Benefits:
Comprehensive Protection
Covers multiple asset types.
Tax Planning Opportunities
Can assist in managing inheritance tax liabilities.
Frequently Asked Questions
Can I add assets to the trust over time?
Yes, depending on the trust's terms, additional assets can be included
Are assets in the trust safe from creditors?
Generally, yes, but there are exceptions, especially if debts were anticipated.
Protective Property Trusts
These trusts are designed to protect your property, ensuring it's passed to your chosen beneficiaries, often used to safeguard assets from care home fees or remarriage situations.
Benefits:
Asset Protection
Shields property from certain claims or fees.
Controlled Distribution
Specifies how and when beneficiaries receive assets.
Frequently Asked Questions
Can I still live in my property if it's in a trust?
Yes, typically you retain the right to reside in the property.
Will this protect my home from all care fees?
Not necessarily; regulations are complex, and deliberate deprivation rules may apply.
Advanced Directives
Also known as a living will, this document records your preferences for medical treatment if you're unable to communicate them yourself.
Benefits
Autonomy
Ensures your medical treatment preferences are known and respected.
Relieves Family Burden
Guides loved ones during difficult decisions.
Frequently Asked Questions
Is an advanced directive legally binding?
Yes, if it meets legal requirements and is applicable to the situation.
Can I change my directive?
Absolutely, you can update it as your preferences evolve.
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