Wills

There are two types of Wills, Single and Mirrored. A Single Will will state those who will administer your estate, be guardian(s) of your children, administer any Trust and outline any wishes you may have for after your passing.

Mirrored Wills are for couples who's intentions and/or desires match. This type of Will, states who will administer the estate and the same additional factors as a Single Will.

Trusts

A Trust ensures your assets left behind are looked after on your behalf once you pass. Trusts are created by you, entrusting individual(s) your assets for the benefit of the beneficiaries of your Will.

Beneficiaries and Trustees can be the same person! A common use of a Trust is to safeguard property against Care Home Costs, as well providing certain Tax benefits.

Lasting Power of Attorney

LPA gives someone you trust the legal authority to make decision on your behalf. This can be due to you coming to a point where you lack the mental capacity to make them or do no wish to do so. 

The two types of Lasting Power of Attorney are:

• For Financial Decisions
• For Health & Care Decisions

Without this in place, if you become unable to make decisions for yourself your loved ones will have to go through a lengthy legal process to gain lawful entitlement to act on your behalf.

Long Term Care Planning

It's important to make plans for later in life. Sadly not all of them are positive, we must think about the 'What If's' such as going into care.

Estate Planning

Everything that you own makes up part of your ‘Estate’.

You will pay Inheritance Tax if your Estate is valued at more than £325,000 when you die. Once passed this threshold the rate of Inheritance Tax is currently 40% on anything above the threshold.

With the correct policies in place it's possible to lower this amount of tax you will be required to pay.