Wills Estate Planning
Wills & Estate Planning
Wills and Estate Planning:
Benjamin Franklin said "in this world nothing can be certain except death and taxes".
Unfortunately, since his day matters have got worse - without careful planning you can be called upon to pay taxes even in the afterlife. Most people don't even realise that they have a problem. They mistakenly believe that Inheritance Tax (IHT) is a problem only the rich and famous need to worry about. Actually, the rich and famous are usually astute enough (or their advisers canny enough) so that they don't pay IHT - so neither should you.
Voluntary Tax:
Indeed, IHT is often called the 'voluntary tax' because most people, given a little forward planning, can avoid it.
Recent changes to legislation now means that it is possible, following the death of a spouse, for the unused part of any IHT relief to be 'rolled forward' and used by the surviving spouse. This is all very well, but there could still be numerous problems should the surviving spouse remarry or co-habit with a new partner in the future.
Sons and daughters could be disinherited. And the new legislation doesn't do anything to help avoid the costs of long term care for the survivor. For these reasons and others, Discretionary Will Trusts still make a lot of sense. We can help with:
- Wills containing discretionary IOU Trusts
- Equity Release and specialist mortgages
- Making life assurance policies subject to Trust
- Lifetime Gifting
- Specialist Investment Plans
- Deed of Variation
I dont have a IHT Problem
Even if you don't have an IHT problem, you should make a Will. Many people think that if a spouse dies then the surviving wife or husband automatically inherits everything - this is simply not true. Without a Will, it is possible that brothers, mums and dads, ex-spouses and even nephews and nieces could be entitled to a share. In any case, who will look after the children if both parents die ? Do you want Social Services to decide ?
For unmarried couples, divorcees and other less straightforward situations, dying without a Will can be catastrophic for those left behind.
Unfortunately, most solicitors do not provide advice. Most will only take your instructions so you need to know exactly what you want before going to see a solicitor. And the difficult bit is knowing whether what you want is what you need.
Contact Protect and Save:
If you would like to contact Protect and Save regarding all the many questions you may have about wills and estate planning please feel free to do so using the details located to your left.
We can provide all the information you are likely to need on these subjects - just ask.