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Protecting & passing on your wealth.

25/03/2009

Making a Will is extremely important and provides the opportunity to plan for your family’s future.

The way your Will is written is crucial and it really ought to be prepared by a specialist solicitor to avoid family fall outs and potentially expensive legal battles.  A Will allows you to plan what happens to your money and assets, who you would want to care for your loved ones in the event of death. It can also allow you to plan for Tax and Care Homes Fees through the use of various Trusts.   

There are many different types of Trusts which can be used in many different ways. A Trust is a way of protecting and passing on your money and assets to others, it can also be used as an effective tool in reducing your inheritance tax liability. 

Another type of Trust is a discretionary Trust which, given careful, timely planning can help to alleviate concerns for elderly clients and their families with regard to properties being sold and assets realised in order to cover long-term care fees. A Trust is a legal document that sets out the possessions you wish to pass on through the Trust in the event of your death, who you wish to benefit from your Trust (the ‘Beneficiaries’) and nominated persons (the ‘Trustees’) who will have control (with your guidance) over the Trust assets until the event of your death, when your wishes will be granted. 

Many older clients worry about their ability to make decisions in the future, if this is true for you then it may be worth making a Lasting Power of Attorney (an LPA) which came into force on 1st October 2007 and has replaced the Enduring Power of Attorney under the Mental Capacity Act 2005. It consists of 2 parts - personal welfare and property & affairs. An LPA is used to appoint a trusted person to look after your interests if you become incapacitated either mentally or physically. 

Our specialist team at Kippax Beaumont Lewis can offer practical advice on any of the issues above and would be happy to arrange a free, no obligation consultation.  Please call Susan Hartley or Jane Molyneaux on 01204 527777.

For further information please visit Wills, Trusts & Probate.