Making a will

Protecting your assets and your Children’s Inheritance

Making a Will is a good start, but consider the following issues as some or all the inheritance you leave could be lost without the correct “Bloodline Planning”, most commonly to:

    Divorce or Separation Settlements

    Creditors or Bankruptcy claims

    Further Inheritance Tax liability

    Protecting your home and assets from Care Costs.

There are often further considerations, for example:

     Where there are children from a previous marriage, how do you ensure that they would get their fair share.

     What if your children are very young or have special needs. How can you ensure that they are fully provided for?

    Have you considered what might happen if on your death your spouse were to remarry. How would this affect your own children if he/she later changed their Will in favour of the new spouse and any subsequent children. Or predeceased the second spouse leaving the survivor free to leave your estate solely to their children.

    There may also be a business you have worked hard to build up. Surely you would want to protect this for your family too.

We can ensure that your children and future generations, i.e. your direct descendants are able to benefit from the Inheritance you want them to receive and at the same time, protect the family home and other assets from being lost to the costs of Long Term Care.

Do you really want to leave it all to chance, when with our professional help to set up the correct type of planning all these problems could be solved? Our expertise will ensure that your assets are both fully protected from attack and available to your loved ones after you are gone.

If you fail to act now:

    Your home may have to be sold to pay for your Long Term Care.

    Your savings and investments could be wiped out.

    Any income would be assessed and used towards the cost of your Care.

    Your children and grandchildren could lose their entire Inheritance.

Utilising Trusts for ‘Bloodline Planning’

Your direct descendants’ future inheritance can be at risk from a number of issues. Taxation is one, but inheritances can be impacted from several other more emotional issues such as Care Costs, where an estate can be reduced significantly in value to pay such expenses. Family homes may have to be sold, and income and investments drained, seriously reducing any subsequent inheritance.

Family circumstances can also be a concern. It may be that there are some family members you would wish to benefit and some that you would not. A classic scenario would be an individual who has married into the family, but who you wouldn’t want to benefit from your estate. Family disputes do occur, and Divorce and/or Remarriage can greatly influence who inherits and by how much.

If on inheriting an individual then divorces, that same Inheritance is at risk. Similarly, if an individual inherits assets but is later subject to bankruptcy proceedings, or has creditors’ liabilities, then the whole Inheritance could be lost.

The correct Trusts can provide the protection and control of a multitude of assets from such risks. This protection can extend from the family home, to investment products and Family Businesses.

There are two potential scenarios where planning can be made with Trusts. One is during your lifetime and the other is on death. We can utilise a range of Trusts in conjunction with the Will, which will ensure that your hard earned assets are fully protected for your children, grandchildren and future generations. The type of planning is very much dependent on individual requirements, and the value of the estate.

Protecting a family business

Naturally, you would want to ensure that your loved ones benefit fully from your business. Without the appropriate Business Succession strategies:

    Your spouse/partner and children may not inherit your share of a business.

    Business partners may not be able to buy out the Deceased share.

    The surviving spouse or children may be obliged to take over the running of the business.

    The value of the business could depreciate owing to the inexperience of any Beneficiary.

    The business may have to be sold and the proceeds become liable to Inheritance Tax.