As you plan your expenditure for the year – perhaps a holiday, home improvements, maybe a new car – why not consider spending a modest amount of money guarding against costly problems that could arise.

As more people own their own property, extended families become commonplace and life expectancy increases, it is important to think about who will look after us in old age and who should benefit from our estate when we die.

Making a Will provides an opportunity not only to make sure you leave your estate in accordance with your wishes, but also to consider the impact of Inheritance Tax and care home fees.

A Lasting Power of Attorney provides security for you by ensuring that someone you trust has the authority to act on your behalf if you are unable to do so.

Do you really need a Will?

Yes, because it will enable you to:

  • Say exactly who will benefit from your estate.
  • Consider and provide financial care and guardianship for your children or future children and other dependents.
  • Avoid the complications of intestacy (where you die without having made a Will

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Why every new parent needs a Will

THERE is a lot to think about when you have a baby and often the last thing on your mind is having a Will to ensure that your children’s future is protected. But it is one of the most important things that you can do.
Younger parents can be forgiven for thinking that Wills are for older people and have no bearing on them. A Will, however, is an important legal document that expresses your wishes on how your children will be raised if you are not around to do it yourself.

In your Will you can designate a Guardian to care for your children and also Trustees to manage your children’s inheritance, until they are old enough to do so themselves.
If you are not married to your partner, then you are not automatically legally entitled to their estate. Common-law marriage does not exist and unmarried couples have very few rights compared to those that are married.

A Will, therefore, gives clear legal protection for your children and family and peace of mind to you.
Once done, it won’t keep you up at night. Even if your baby does !

Why you need a Lasting Powers of Attorney?

A Will only becomes effective on your death but what would happen if, through illness or accident, you were unable to make decisions or do things for yourself?
Who would look after your affairs?

Without a Lasting Power of Attorney no one would be able to access your financial accounts, pay your bills, maintain your home or arrange your personal welfare. A costly application would have to be made to Court and detailed financial accounts filed each year.

Please click this link for further details.

What about Inheritance Tax ?

Inheritance Tax (IHT) is a tax charged by the Government on the value of a person’s estate at their death. The estate will include your home and contents, car, jewellery, savings and investments. Inheritance Tax is charged at the rate of 40%.

From April 2017 the Inheritance Tax rules changed with the introduction of a Residential Nil-Rate band.

The first £325,000 of a person’s estate (known as the “nil rate band”) is not charged to Inheritance Tax. If an estate is worth less than £325,000, no Inheritance Tax is payable.

The sum of £325,000 (or £650,000 combined) may be increased to £500,000 (or £1,000,000 combined) under certain circumstances using the new Residential Nil-Rate Band.

Please click this link for further details.

Helpful Videos

We have produced a number of short informative videos on the subjects of Wills, Lasting Powers of Attorney and Inheritance Tax.

Please click here to find out all the titles available.

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