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Wills & Estate Planning
Estate planning is simply a very dry term for making sure that what you own and will leave behind goes where you want it to go. It can also help ensure you maximise the value of your estate.
The starting point for good estate planning is a well constructed will.
So many people put this to the back of their minds and leave it until it’s too late. Yet, taking a few minutes to organise your affairs can make a massive difference, both in your lifetime and to those you leave behind.
Power of Attorney
Whilst a Will is essential to streamline the settling of your estate when you pass, you shouldn’t ignore a Power of Attorney which can be invaluable when you are still alive. Many people think that a Power of Attorney is only useful for dealing with banks, utility companies etc. However, whilst it will help with financial affairs, even more crucially it can also help with the aspects of your welfare.
There’s a greater awareness today of conditions like Alzheimer’s and Dementia. They can strike whilst we are still young. Having a Power of Attorney in place means that you are well prepared to face these and other health situations which impinge on your ability to act for yourself.
A worry about Powers of Attorney is that you lose control. But that is not the case. Attorneys have a responsibility to act as you would yourself. And, whilst you have capacity, they can only act on your behalf with your permission.
Trusts
In days gone by, Trusts were the preserve of the landed gentry. Not any more. They have become accessible and affordable. Why would you have a Trust? Well, there are many reasons.
A Trust can help speed up the process of settling an estate as well as paying for itself in a reduction of Probate or Confirmation costs. An inheritance taken through the Trust rather than outright can give the family protection against matrimonial and financial issues.
Sometimes it is not helpful for a child to take their inheritance in one lump sum. The child may be on benefits and lose them if they inherit. Or they might have personal issues which means that it is helpful if the Trustees can use their judgement to pass on the inheritance in smaller sums. Or sometimes they simply help solve issues when the family dynamic is more complex if their have been children from previous relationships.
Inheritance Tax
Greyfriars Estate Planning are not experts on Inheritance Tax mitigation and so wouldn’t give advice on the matter. But we can perhaps help in identifying if, and how much, your liability might be and point you in the right direction of a solution.
Your estate planning experts
About Us
Greyfriars Estate Planning is run by a group of people who are passionate about their business. We understand that people can be put off arranging their affairs because they feel it is going to be complicated, full of jargon they don’t understand and expensive.
We can’t promise to make a discussion about Wills, Powers of Attorney and Trusts fun. But we will promise to make it as easy as possible to understand. By getting to know the detail of our clients’ situations, we will try to make the most complicated situations as imple as possible.
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