As your accountants, we feel that we have a responsibility to ensure that your wealth, that you have worked hard to create, is passed on to those you wish to inherit your assets.
That is why we are working with Private Client Online to offer you the opportunity to plan ahead for what happens to your wealth as you get older.
Have you made a Will? Have you reviewed it in the past 5 years?
Statistics indicate that 70% of us have not yet made a will. In 2015 there were 14,344 undistributed estates due to there being no Will.
- If you want to protect your family after you are gone and decide who inherits your property and possessions, you must make a Will. If you don’t, and you die ‘intestate’ the government will decide for you; your wealth might not go where you would have wished.
- If a couple is not married, ‘common-law’ partners may get nothing unless a Will is in place.
- The government would choose guardians for any children under 18 if there is no Will in place.
- If you have made a Will, have you reviewed it in the past 5 years? Circumstances change over time and your Will needs to be up-to-date to reflect those changes.
Contact us if you would like to explore this important aspect further.
Do you know how to protect your assets for your family?
Including a trust in your Will may help protect some of your assets against risks such as:
- ‘Sideways disinheritance’ if a surviving spouse remarries then dies before their second partner, your children and grandchildren could lose part or all of their rightful inheritance.
- Your children facing divorce or bankruptcy proceedings and losing part or all of their inheritance.
- Being used up in care home fees (currently costing an average of £569 a week for residential care and up to £774 for a nursing home).
- Inheritance tax.
A trust is not just for the very wealthy! Everyone should be aware of and consider the benefits to their family of protecting their wealth through a Will Trust.
Why a lasting power of attorney is not just for the elderly.
Most of you know that we need a Will but fewer realise that we also need LPA’s in place too.
A Lasting Power of Attorney (LPA) gives another person legal authority to look after your affairs. There are 3 types:
- A property and financial affairs LPA allows another person to make decisions for you about money matters such as buying and selling your property, bank accounts, investments, paying bills.
- A personal welfare LPA allows another person to make decisions about your healthcare.
- A business LPA to protect your business against an individual losing capacity.
The unexpected can happen to anyone and if you became incapacitated through illness or an accident, who would you want to make decisions on your behalf? Without LPA’s in place you would have no choice in the matter and your family may face up to 12 months of legal wrangling and thousands of pounds in court costs to gain control of your affairs. By 2025, the Alzheimer’s Society predicts that more than 1 million people in the UK will have dementia. If you own a business, it is imperative that you consider arranging a business LPA to enable your business to continue if you became incapacitated.
We realise that everyone knows they ought to put the above affairs in order, but most of us never get round to it because we’re too busy. This may create problems for our families when we are gone. That’s why we have teamed up with Private Client Online, their state of the art online platform allows you to arrange Wills, Will Trusts and Lasting Powers of Attorney in the comfort of your own home. See www.protectourassets.co.uk for more information.