It is important for everyone to have a professionally drafted Will, one that you can be certain will be legally valid when you die.
No matter how simple your affairs may seem or whatever age you are, a Will ensures that your wishes are set out clearly so that on your death your assets will go to the people you want them to go to. If you have young children you can also appoint Guardians in your Will to look after them should you die before they reach 18.
Although a standard Will might meet the needs of a small number of people, most would benefit from the more specialist advice and planning provided by Fortuna Wills & Estate Planning. This is because most people are not aware of the threats by Government and Local Authorities, or even certain family situations, to the assets that they have worked so hard to gain and which standard Wills may not protect against.
There are a number of Trusts that can be used either in your Will or set up during your lifetime to protect those assets.
We all have a tax free allowance we can leave to whoever we choose when we die.
However, if your assets add up to more than this tax free allowance then inheritance tax will be payable on the excess at a huge 40%.
It’s easy to see how you can have more wealth than you think if you add up the value of your house, your bank accounts, investments and not only that but also any life assurance policies.
We can help you to assess your liability to pay inheritance tax on your death, and advise on strategies to reduce or even eliminate your exposure to inheritance tax.
It’s important to appreciate that to evade paying tax is illegal, but to avoid paying tax using perfectly legal tried and trusted strategies can mean your beneficiaries, such as your spouse or partner, and perhaps more importantly your children, will inherit more of your estate instead of the Government.
These are documents that enable you to give legal authority to a person or persons who you trust, called Attorneys, to manage your affairs for you or make decisions on your behalf, when you are not in a position to do so yourself, for example following an accident, stroke or the onset of dementia.
There are two kinds of Lasting Powers of Attorney (LPA), one that deals with your Property & Financial Affairs and one that deals with your Health and Welfare.
The former would enable your Attorneys to do things like draw your pension or pay your bills or sell your property on your behalf. The latter would enable your Attorneys to make decisions related to your health and personal welfare, for example what sort of care you receive, but this type of LPA can only be used once you lose mental capacity.
Both types of LPA must be registered by the Office of the Public Guardian, before they can be used by your Attorneys.
Although we all tend to think of Wills and Lasting Powers of Attorney documents as useful for later life it’s important to think what would happen now if you were unfortunate enough to have an accident or serious illness.
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