"In this world nothing can be said to be certain, except death and taxes"                         

(attributed to Benjamin Franklin)

 

Estate Planning/Trusts

Estate planning in its most simple form could be defined as the process of deciding what should happen to your money and other assets you own if you have a future incapacity or die and involves documents like Wills, Trusts and Power of Attorney.

The aim of estate planning on death is to preserve the maximum amount of wealth possible and to protect the intended beneficiaries whilst also offering flexibility for the individual before death. 

It should be noted that when we reference death planning, this means that your planning needs to be correct as at the date of your death (which could be many years into the future) and so the potential for change in your circumstances should be fully considered.

Like any professional industry, the area of Wills, Trusts, Power of Attorney and Estate Planning can be quite complex. 

To simplify things our estate planning Wills (recommended Option ‘C’ or ‘D’) typically contain 1 or more Discretionary Trusts and combined with the correct legal ownership of assets and the discretion of trustees form the foundation of estate planning.
 

Is a Basic Will Right for You?

If you are concerned about losing assets due to any of the following risks, a basic Will may not provide adequate protection:

• Marriage After Death (MAD) – the survivor’s Will is automatically revoked on remarriage (unless Wills Act 1837, s.18 applies)

• Care fees reducing the value of the estate

• Divorce or relationship breakdown

• Further or generational Inheritance Tax (IHT)

• Creditors or bankruptcy

• Loss of means-tested state benefits

• Residence Nil Rate Band (RNRB) being lost or unused

 

If you are also looking to:

• Protect a vulnerable or disabled beneficiary, or

• Grant one or more people the right to live in your property after your death,

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Then it is important to consider whether a basic Will is the correct solution for your circumstances.

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Please review this section of our website to learn more about estate planning and asset protection strategies, as a tailored approach may offer significantly greater protection and peace of mind.