Making a Will is the only way you can be sure what will happen to your property and possessions after your death. If you have a Wife or Husband, especially young children or dependents, it is the best way of making absolutely sure they are provided for. An up-to-date Will, making your intentions clear makes it much easier for your Executors to administer your estate efficiently. If you die without making a will – known as ‘intestacy’ – you have no control over who inherits your estate, in turn the Law will decide the outcome.
Lasting Power of Attorney
None of us likes to think about losing the ability to manage our own affairs and to make decisions about our money and welfare. But it does happen. An estimated 700,000 people in the UK suffer with dementia – including one in five of those over 80. Stroke, Brain injuries or mental health problems render others incapable of making their own decisions. It is important to put the right arrangements in place early, so that if that day comes, someone we trust and who loves us can make important decisions on our behalf.
Inheritance Tax Planning
It’s important to remember that when you die your estate could be subject to Inheritance Tax (IHT) if it’s worth more than the IHT Threshold. With careful planning you can reduce the amount payable but it can be complex. There are various ways you can reduce the size of your taxable estate, such as with lifetime gifts, trust, charitable giving and other forms of planning. It’s important to think a long way ahead.
Asset Protection Trust
For most people, ownership of their home does not always mean they are wealthy. Even with rapidly increasing property values home ownership usually revolves around practical issues such as having a place to live or an inheritance for children or grandchildren.
The Asset Protection Trust is designed for homeowners, especially those who live on their own, and involves the transfer of your home into a Trust.
In practice there may be a number of reasons why transferring your home into a Trust may offer valuable benefits, one of which is the option to ensure the home that you have paid for over the years passes to your family and friends as you intend it to.
Disabled Vulnerable Persons Trust
One of the primary purposes for creating a Trust is to protect the interests of a loved one. In some cases Trusts are used to protect those who are incapable in looking after their financial affairs. For such individuals a Trust can be a way of ensuring they can maintain their quality of life by protecting their means tested benefits.
Court of Protection Deputyship Orders
When a family member or friend loses mental capacity it can be a stressful and difficult time.In order to take control of your loved one or family member’s affairs you need to apply for a Deputyship order, by applying to the Court of Protection to appoint a Deputy to manage the day to day affairs of that person who has lost capacity.
We have helped many families and can guide you through this complex process.
Being an executor of a deceased person’s estate can be a daunting prospect.
If you’ve been named as executor in someone’s will, you’ll most likely have to apply for a grant of probate to be able to begin dealing with their estate. If there is no will, the task of dealing with the estate usually falls to the person’s closest relative, who becomes known as an administrator. If that’s you, you’ll need to apply for a different grant, known as letters of administration. We can help you gain Probate for the estate.
We can make arrangements for a pre-paid funeral plan that saves the family from undue stress and is also a guaranteed way to beat rising funeral costs.
Call us on 0121 353 8507 or 07968836664 to arrange your visit.