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WILLS & SUCCESSION PLANNING
Protecting Your Wealth
WILLS
Everyone should have a Will, but 2 out of 3 people have not yet made a Will and those that have, may not have the correct Will in place.
An estimated 70,000 people per year have to sell their homes to pay for care.
A large proportion of any inheritance is lost in future divorce settlements, to creditors or bankruptcy and unnecessary taxation.
If you own a business or a share of a business then your spouse / partner and children may not inherit your share of a business.
POWERS OF ATTORNEY
There may come a time in your life when you are unable to manage your financial affairs or personal welfare, owing to some form of incapacity and you will need someone to act on your behalf.
Even when we are young, we can find ourselves incapacitated owing to illness or injury and it can be invaluable having a reliable person, who is able to manage your personal affairs and remove the anxiety of having unpaid bills, at a time when you most need peace of mind.
Similarly, as we get older, the need for an attorney increases as we are more prone to illness and injuries.
By creating a Power of Attorney in advance, ensures that if the worst were to happen, you can rest assured that both your financial affairs and personal welfare are in safe hands.
BUSINESS SUCCESSION
Without the appropriate Business Succession strategies...
The value of the business could depreciate owing to the inexperience of any beneficiary.
Business partners may not be able to buy out the deceased's share.
Your spouse / partner and children may not inherit your share of a business.
The business may have to be sold and the proceeds become liable to Inheritance Tax.
RETIREMENT MORTGAGES
Whether you paid off your mortgage years ago or still have some left to pay, if you have equity in your property that you would like to release, there are a number of lenders with products designed for retired clients which would allow you to release some capital from your property, often without the need for monthly repayments.