Why is a Will necessary?
A: Making a will is the only way to guarantee your assets are passed onto your loved ones and also it can be a way, when done correctly, to stop them paying unnecessary Inheritance tax.
Without a will, you are declared intestate with your loved ones having no say.
What is Inheritance Tax?
A: When you die, the government can charge you 40% on all your assets over your £325,000 personal allowance. Why pay 40% of your hard earned taxed assets if you do not need to?
With a planned estate and properly written will, we can help you reduce this tax so that you have more to pass onto your loved ones.
What is probate?
A: This is the process along with Estate administration that happens once a person has died. It sorts out the deceased person’s legal and tax affairs.
What is a trust?
A: A trust protects your assets. Within a will, we can use a trust to protect your property and can guarantee that your children can claim the new Inheritance Tax allowance’s(see the RNRB new tax bulletin) if the home is passed directly to them. It can also help protect against unnecessary Inheritance Tax bills and other predator and creditor claims. It can stop intergeneration Inheritance Tax. (So your children’s inherited assets never get taxed for 125 years).
How can we best protect our children?
A: To guarantee that within your Will, they are looked after properly. Especially if they are under 18.
How do I protect my estate from care home fees?
A: We have a series of ways that we can help you and your family. Otherwise, property and other assets can go to pay care home and care fees in later life.
How can I ensure that my small business continues to prosper?
A: We can ensure that your Will allows your business to carry on to stop your business being frozen.
Why do I need you to store my Will?
A: You will be shocked at the number of Wills that go missing. We create and store your Wills in pristine condition as well as making sure that they are registered with Certainty, the national will register.
What is an Executor?
A: This is someone you choose who is legally responsible that your wishes are carried out to the satisfaction of the court. Our family care package is there to support your Executors through this difficult process of paying your taxes and distributing your estate.
Why do I need a Lasting Power of Attorney?
A: There comes a time in most people’s lives when they need someone to take control of either their finances and to look out for their health needs.
Everyone over the age of 50 should consider having these in place.
We can put these in place for you and make sure that they are registered properly with the Office of the Public Guardian.