Many people dismiss making a Will because they believe everything they have will go directly to their partner or children. The reality is that if you die without making a Will, your estate will be distributed under the Law of Intestacy. This could mean your children are not entitled to any of your estate.
If you have no Will in place and you are unmarried, it is possible your partner may not inherit anything and could be forced out of the home you have shared together. If you have children under the age of 18, it is for the courts to decide who looks after them and they could be placed into care pending that outcome. The administration of your estate will be handled by a legal process and might not involve the people you trust the most. An up to date Will is the cornerstone of your later life planning and once in place should be regularly reviewed.
A trust is a way of managing assets (money, investments, land or buildings) for people. Trusts have many benefits and are set up for a number of reasons, including:
These are two examples of trusts for specific situations:
This form of Trust planning aims to protect your family wealth in the case of a family member getting divorced. In many instances, the family wealth can become diluted by divorce settlements. With the right planning, this can be mitigated.
These Trusts can be used to protect ‘death in service and pension benefits’ from inheritance tax payments on the death of a surviving spouse.
We use legal professionals to look at all aspects of Will and Trust planning to ensure that the arrangements you currently have in place or intend to put in place will actually deliver what you intend.
To find out if Bow House Consultancy can help you, please fill out the form below. Alternatively, call 01635 936 198 or email firstname.lastname@example.org