| Financial
Services > Mortgages
> Information
> Making
A Will >
PROPERTY & INHERITANCE PROTECTION
Ensuring that children and other rightful beneficiaries
will inherit the wealth you have created, regardless of what the future
may hold, is important. So is making sure that the value of the family
home is protected from hostile creditors or unnecessary Inheritance
Tax.
But without professional guidance, much of your hard-earned
money might end up in the wrong hands or be lost completely! If you
should need Long Term Residential or Nursing Care, and your assets exceed
£19,000, the NHS and Community Care Act 1990 allows for your home to
be used by the Local Authority to meet the costs of providing that Care.
By changing the legal basis under which you own your
home, this valuable asset can be preserved and passed intact to your
Heirs. Similar measures can also protect Equities and other assets from
your personal or commercial Creditors and ensure that your children
or other beneficiaries inherit as you had planned.
Likewise, if you have assets, including the value of the
family home, worth more than £250,000, your children and other rightful
beneficiaries could face an avoidable Inheritance Tax bill of up to
£100,000.
If you should die without a well prepared Will, no tax
saving is possible. What is more, your possessions would be distributed
according to strict legal rules, which could cause considerable difficulty
for those closest to you.
For instance, if you are married and have children, your
husband or wife would only inherit the first £ 125,000 of your Estate.
Remote relatives might have a share at the expense of your direct dependants
and Unmarried Partners could end up with nothing at all!
If you have children under 18, it is essential that you
formally appoint responsible Guardians. What is more, unmarried Fathers
have no automatic legal right to look after their own children in the
event of the mother's death!
The Law Society recommends that Enduring Powers of Attorney
are drawn up when making a Will. These powerful documents provide a
lifeline if, through sickness or accident, you cannot handle your own
financial affairs.
All these issues can be addressed by proper planning.
Whatever your marital status, if you own property and have assets, including
the value of the family home, worth more than £250,000, then we recommend
that you talk an independent financial adviser
about Property and Inheitance. It ringfences your business interests,
underpins your financial arrangements and, by saving you Inheritance
Tax, fully safeguards your family.
With widespread flooding, over 60,000 house fires and
more than a million homes burgled each year, your important documents
are very much at risk. It is also possible to utilise a document
storage vault to ensure all your important paperwork is kept safe and
readily available, and we will also write to your Executors, Attorneys
and family members, as appropriate, to explain where your documents
are kept and how they may be retrieved.
If you would like to receive advice to consider reducing
your potential liability to inheritance tax fill in our brief enquiry
form and one of our recommended independent advisers will contact
you.
Apply Now
NEXT >>
|
