Other Services we offer Business Wills If you own a business you should consider arranging a business trust to reduce possible second death Inheritance Tax liabilities. You should also consider arranging for someone to hold Power of Attorney for your business should you be unable to carry out your normal duties i.e. signing contracts, payments and other financial matters.
Deed of Gift If you own a property and you wish to transfer ownership or part ownership to another person, this can be done via a Deed of Gift.
This is often used by couples in second relationships or by those wishing to transfer part ownership to children.
WARNING: You should not transfer ownership to family to avoid inheritance tax or care fees as it could be seen as deprivation of assets.
Family Trusts A family trust is also known as a Lifetime Settlement and is used to protect assets during your lifetime, such as a share of a property, death in service benefits and life policy benefits.
Living Wills - Advance Directive A Living Will is a document that establishes your wishes as to how much medial intervention you would want to receive should you lose consciousness and are unlikely to recover.
This takes the terrible burden of decision away from your family at a very stressful time.
Probate Probate ensures the estate of the deceased estate passes to the right people and all Tax due on death is identified and paid.
If your estate is over five thousand pounds, before it can be distributed a Grant of Probate must be obtained. This means the Will must be formally recognised at the local Probate Registry.
All Banks, Building Societies and Insurance Companies will insist on seeing a Grant of Probate before they pay out and your house will not be able to be sold.
If your estate is worth more than £325,000 it may be liable to Inheritance Tax and you would be wise to enlist the help of a professional.
If you are acting as an Executor in a Will then you are personally liable for any debts, so professional advice is essential.
Inheritance Wills are able to provide free initial advice and a full Probate service.
Protective Trusts Establishing a Trust in your Will can be extremely valuable in Estate Planning terms for a number of different reasons.
When it comes to protecting assets and controlling the distribution of your estate, Trusts are essential and we provide a variety of different solutions depending upon your objectives.
Furthermore having certain assets ring fenced in a Trust environment can ensure that your children are not disinherited through your partner remarrying after your death.
A Trust will also protect assets for a disabled or vulnerable beneficiary.
Severance of Joint Tenancy Most people purchase their property jointly, therefore if one partner dies, the other automatically owns 100% of the property. By severing the tenancy and owning as Tenants in Common, usually 50/50 you can then dictate what happens to your share in your Will.
Ownership as Tenants in Common enables you to ensure that your children are not disinherited after your death. For example if your spouse remarries or the property is needed to pay for his/her long-term care costs in the future your children will not lose out.
Severing the Tenancy has no adverse effect on either your ownership or a mortgage.
For further information please call us on 01223 795050.